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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A 31-acre office property along McCann Lake has received preliminary approval for what would become the largest apartment community in Pinellas Park, with 552 units, including at least 221 affordable apartments.
City staff approved the preliminary site plan on September 30th for 10222 MCI Drive in the Gateway Centre Business Park.
The two-phase development would replace an office campus with nine four-story apartment buildings, two clubhouses, pickleball courts, and 847 parking spaces.
The apartment proposal relies on Florida’s Live Local Act, which allows residential development on the industrially zoned property, provided that at least 40% of the apartments, or at least 221 units, are reserved for households earning at or below 120% of the area median income for a minimum of 30 years.
The remaining 331 apartments would be leased at market rates.
Plans call for apartments ranging from studios to three-bedroom units. All nine residential buildings would rise four stories, with a maximum height of 50 feet.