The expansive, sought-after site is also home to a new version of the uber-popular Wagon Wheel Flea Market and special events, including one that recently attracted nearly 18,000 people<\/a>. Genger and his team are now marketing the property and\u00a0\u201ctrying to figure out what makes the most sense \u2013 both for the community and for us.\u201d\u00a0<\/p>\n \u201cThis is a multi-100-million-dollar, if not a multi-billion-dollar, development project,\u201d Genger told the Catalyst. \u201cTo have so many acres available in the middle of a metropolitan area is very, very unusual.\u201d\u00a0<\/p>\n Florida outlawed greyhound racing in 2020, sealing Derby Lane\u2019s fate. St. Petersburg Kennel Club Inc., which operated the city\u2019s gambling palace for a century, merged with Rally Acquisition Co. in April<\/a>.\u00a0<\/p>\n Public records also show that the firm simultaneously secured a $58.25 million loan tied to 12 parcels owned by the Kennel Club. Rally recently tapped Berkadia<\/a> to market what the commercial real estate services company called a \u201conce-in-a-generation placemaking opportunity at the center of the Tampa Bay region.\u201d\u00a0<\/p>\n Or, as Genger described it, \u201cthe most important site for development in the area.\u201d\u00a0<\/p>\n The roughly 131.5-acre site at 10490 Gandy Blvd. N. in St. Petersburg. Image: Berkadia.<\/p>\n Genger said his group \u201chas been taking our time\u201d with the site \u201cbecause it is such a large piece of land, and the opportunities are so fantastic.\u201d They believe there is a \u201cscarcity\u201d of local retail complexes and entertainment venues, and are \u201cfocusing on that as part of some other larger development.\u201d\u00a0<\/p>\n Rally has received proposals for an amphitheater, \u201cand we\u2019re open to it,\u201d Genger said. He also noted that the gaming business is \u201cdoing extraordinarily well.\u201d\u00a0<\/p>\n \u201cWe\u2019re trying to figure out what other businesses would complement it,\u201d Genger said of the poker room. \u201cAn amphitheater may very well be an important addition. But all sorts of retail opportunities are there, too.\u201d\u00a0<\/p>\n Rally will likely retain control of the Win! Derby Poker Room<\/a>, which also hosts simulcasts from dog and horse tracks nationwide. Genger said it is running more efficiently under new ownership and attracts 16,000 people weekly.\u00a0<\/p>\n \u201cI think it would require a very, very unusual set of circumstances where we don\u2019t keep the gaming business on the site,\u201d he added.\u00a0<\/p>\n The site\u2019s poker room and gaming facility attracts roughly 16,000 people weekly. Photo: Win! Derby Poker Room.<\/p>\n A residential component remains a question mark. Genger said the international real estate development community has shown \u201cstrong interest\u201d in the site, and there are \u201call sorts of positives and minuses\u201d associated with those proposals.\u00a0<\/p>\n Rally retained The St. Petersburg Group (SPG) to steer stakeholder strategies, navigate regulatory requirements and foster community partnerships for the Derby Lane project. One of the local firm\u2019s first steps was to rehome<\/a> Shawn Yang\u2019s Farmers and Flea Bazaar<\/a>, which is mostly comprised of former Wagon Wheel vendors.\u00a0<\/p>\n Joe Hamilton, cofounder of SPG<\/a> and publisher of the St. Pete Catalyst, said the \u201cDerby Lane leadership knows the importance of local alignment in developing such an important property.\u201d He, like many other area residents and visitors, has \u201cfond memories of visiting the Wagon Wheel as far back as the \u201880s.\u201d\u00a0<\/p>\n \u201cReactivating such a unique piece of St. Pete\u2019s history has been gratifying,\u201d Hamilton said of the longtime Pinellas Park flea market, which closed<\/a> in March 2020.\u00a0<\/p>\n Genger said a few thousand people attend the bazaar every weekend. He believes the \u201cimmediate success\u201d of the markets, weekly car shows and monthly food truck rallies demonstrates that \u201cthe population is hungry for places to go\u201d and community engagement.\u00a0<\/p>\n \u201cWe\u2019ve opened the property up,\u201d Genger continued. \u201cWe\u2019re welcoming the general public in, whether it\u2019s for those events, gaming or, hopefully, a combination of both.\u201d\u00a0<\/p>\n Derby Lane sits within a coastal high-hazard zone, and some of the land is prone to flooding. Rally has approximately 95 developable acres.\u00a0<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2025\/11\/Derby-Lane_Berkadia-e1764183342365.jpg\")
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