Derby Lane sold to new owners who may redevelop the 130-acre property
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Spanning 130 acres along Gandy Boulevard, the shuttered Derby Lane greyhound racetrack has a new owner. The St. Pete Kennel Club Inc., which owns the property, has merged with Connecticut-based Rally Acquisition Co.
“The goal is to develop the 130-acre site in a way that benefits the community, while continuing the strong performance of the club’s gaming operations,” said Scott Esterbrook, an attorney representing Rally Acquisition, in an interview with the Tampa Bay Times, which first reported the news.
While specific redevelopment plans for the site at 10490 Gandy Boulevard North have not been disclosed, the new ownership recently secured a $58.25 million loan from Broadway Agency Services LLC.
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After more than three decades as The Melting Pot and a short run as Sesh St. Pete, the building on 4th Street North will now become home to a Brooklyn-Italian restaurant built around the food one family grew up eating.
Pelato, a Brooklyn-Italian restaurant known for shareable small plates, is planning to open at 2221 4th Street North.
Nashville-based Avenue T Hospitality Group recently purchased the 7,630-square-foot property for $4 million, according to a deed recorded October 7th.
The hospitality group, which operates Pelato locations in Nashville and Franklin, Tennessee, and Charleston, South Carolina, also obtained a $5.355 million loan from Pinnacle Bank in connection with the purchase.
An opening date has not been announced.