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.