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.”…