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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Mayor Ken Welch has selected Magellan Housing as the preferred developer for Commerce Park, a 3.03-acre, city-owned site near 22nd Street South and 7th Avenue South across from the Manhattan Casino in south St. Pete.
Magellan, through its local affiliate Deuces Rising, LLC, was one of seven teams that responded to the city’s April request for proposals.
Its plan, called The Deuces at Commerce Park, includes an eight-story, 120-unit affordable apartment building, about 6,000 square feet of retail space along 22nd Street South, and six for-sale townhomes in a second phase.
The selection gives the Texas-based affordable-housing developer the opportunity to negotiate a deal with the city. Any final agreement must return to City Council for a separate vote, and the council is not likely to approve an agreement before November’s mayoral election.
All 120 apartments would be income-restricted, meaning residents would have to meet income limits to qualify. The proposal calls for 24 apartments reserved for households earning up to 30% of the area median income, 60 for households earning up to 60% of AMI, and 36 for households earning up to 80% of AMI.