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.

Shovels will soon hit the ground to start vertical construction on a new 470-unit multi-family development encompassing 39 acres of waterfront property overlooking Tampa Bay.

This spring, Miami-based Key International will break ground on the Waterways Apartments and Marina project at 12000 Gandy Boulevard North, located near the intersection with Snug Harbor Road. The development was approved in 2022.

Waterways Apartments and Marina, a project formerly referred to as Snug Harbor, will boast over 3,000 linear feet of prime water frontage and will feature 324 bayfront apartments and 52 rental townhomes facing a large retention pond.

Additionally, an 8,000-square-foot yet-to-be-revealed waterfront restaurant will sit adjacent to a marina with 130 wet slips and 20 dry stack slips. The marina will be primarily used by residents and feature a small bait shop.