Rally Development Eyes Derby Lane for Multi-Billion Dollar Revamp with Potential Rays Stadium

Rally Development has begun pitching the 131.5-acre Derby Lane property in St. Petersburg for what CEO Sagi Genger describes as a multi-hundred-million-dollar or multi-billion-dollar redevelopment. The company acquired the site at 10490 Gandy Blvd. in April after combining with St. Petersburg Kennel Club Inc., which operated the greyhound track for a century.

The owner secured a $58.25 million loan connected to 12 parcels. Berkadia got hired to pitch what the commercial real estate services company described as a "once-in-a-generation placemaking opportunity at the center of the Tampa Bay region." Genger anticipates reaching decisions on proposals by February or early March.

"This is a multi-100-million-dollar, if not a multi-billion-dollar, development project," Genger said, per the Catalyst. "To have so many acres available in the middle of a metropolitan area is very, very unusual."

Florida outlawed greyhound racing in 2020. That ended gambling operations at the track. Win! Derby Poker Room now occupies the location, drawing 16,000 people weekly while running simulcasts from dog and horse tracks nationwide.

"I think it would require a very, very unusual set of circumstances where we don't keep the gaming business on the site," Genger said.

Rally Development has received proposals for an amphitheater and retail complexes. The company believes the area lacks sufficient retail and entertainment venues.

"An amphitheater may very well be an important addition," Genger said to the Catalyst. "But all sorts of retail opportunities are there, too."

The location has also been floated as a possible home for a Tampa Bay Rays stadium. "That's a proposal that we'd be very excited to entertain," Genger said, though he remains uncertain about any interest from the team.

The site sits within a coastal high-hazard zone with some flood-prone areas. Rally has roughly 95 developable acres at its disposal.

Wagon Wheel Flea Market and special events now occupy the property. An Asian Mega Night Market Festival attracted nearly 18,000 people to the location in August. A few thousand people visit the bazaar every weekend.

Rally Development brought on The St. Petersburg Group to manage stakeholder strategies and community partnerships. The company has opened the property to the public for events including weekly car shows and monthly food truck rallies.