This paper investigates the Steiner Tree Problem with Delays (STPD), a variation of the classical Steiner Tree problem that arises in multicast routing. We present a polynomial-size formulation for this challenging NP-hard problem. The LP relaxation of this formulation is enhanced through the derivation of new lifted Miller-Tucker-Zemlin subtour elimination constraints. Furthermore, we present several preprocessing techniques for both reducing the problem size and tightening the LP relaxation. Finally, we describe an effective hybrid heuristic, that combines optimization and intuitive techniques. We report the results of extensive computational experiments on instances with up to 1000 nodes. These results attest to the efficacy of the combination of the enhanced formulation, reduction techniques, and heuristic.