Derby Lane sold to a Connecticut company. What’s next for the race track?

One of the most closely watched pieces of property in Pinellas County has changed hands after a century of being owned by the same family — but a redevelopment is not in the new owner's immediate plans.

Derby Lane, the former greyhound racing track that fronts Gandy Boulevard in St. Petersburg, has sold to an investment group, according to a source familiar with the deal.

A $58.25 million loan tied to the property was filed on April 15 for the 12 parcels of land owned by the St. Petersburg Kennel Club. Brigade Capital provided the loan to SCHRE Tampa LLC and SITRE Tampa LLC, both associated with Christopher Spence of Big Sky, Montana, according to Pinellas County and state records. 

St. Petersburg Kennel Club Inc., the entity that owned the property, merged with Rally Acquisition Co., according to records filed with the Florida Division of Corporations April 16. Rally Acquisition Co. is registered to Sagi Genger of Philadelphia.

The Derby Lane property totals 130 acres of waterfront adjacent property. While greyhound racing officially ended in Florida in 2020, head-to-head poker tournaments, simulcasts from dog and horse tracks across the country and other table games continue to take place at the property.

The property has been eyed for years as a potential redevelopment play and was floated as a site for a Tampa Bay Rays stadium. But several challenges exist, including the property's location in a coastal high-hazard zone, which means it is prone to flooding.

It's not known when the property might see redevelopment. A demolition permit for the dog track building was filed in February by Dynamite Demolition Service and is awaiting applicant action, county records show.

Ownership is in the process of figuring out what could be developed on the swamp-like site, consulting land-use attorneys and engineers, according to a source familiar with the deal. None of the investment group partners is local to the Tampa Bay area, and many are involved in other developments nationwide.

Gambling isn't going anywhere anytime soon: The new owners will continue operating the existing poker room that sees about 1,000 people per day, the source said. They will also continue to make money on the property by leasing its surface parking to Amazon. 

Article by: Emma Behrmann; Reporter, Tampa Bay Business Journal