Rally Development Unveils Vision for Derby Lane Redevelopment

Sagi Genger, CEO of Rally Development, envisions a transformative future for the expansive 131.5-acre Derby Lane property in St. Petersburg.

 

Located at 10490 Gandy Blvd., this historic site, once renowned for greyhound racing, is poised for a significant redevelopment.

 

Genger describes the project as a "multi-100-million-dollar, if not a multi-billion-dollar, development," emphasizing the rarity of such a large tract of land within a metropolitan area.

 

Following Florida's 2020 ban on greyhound racing, Derby Lane's operations shifted focus.

 

In April 2025, the St. Petersburg Kennel Club Inc. merged with Rally Acquisition Co., marking a new chapter for the property.

 

Public records indicate that Rally secured a $58.25 million loan tied to 12 parcels formerly owned by the Kennel Club.

 

To market this prime real estate, Rally enlisted Berkadia, a commercial real estate services firm, which highlighted the site as a "once-in-a-generation placemaking opportunity at the center of the Tampa Bay region."

 

Genger and his team are meticulously evaluating development options that align with both community interests and business objectives.

 

Recognizing a scarcity of local retail complexes and entertainment venues, they are considering proposals such as an amphitheater to complement the existing gaming operations.

 

The Win! Derby Poker Room, a key component of the site, continues to thrive, attracting approximately 16,000 visitors weekly.

 

Genger expressed a strong inclination to retain the gaming business, noting its efficient performance under new ownership.

 

To foster community engagement, Rally has introduced events like the Farmers and Flea Bazaar, drawing thousands of attendees each weekend.

 

These initiatives underscore the public's appetite for communal spaces and activities.

 

While the site's coastal high-hazard zone designation and flood-prone areas present challenges, approximately 95 acres remain developable.

 

Historically, Derby Lane has been considered a potential location for a new Tampa Bay Rays stadium.

 

Genger expressed openness to such proposals but noted that no formal interest has been indicated.

 

As Rally Development continues to assess various proposals, Genger anticipates reaching conclusions on the property's future by early 2026.

 

In the interim, the site remains active, hosting events and welcoming the public to enjoy its offerings.

 

Residents and visitors are encouraged to participate in the ongoing activities and witness the evolution of this historic St. Petersburg landmark.