Derby Lane Is Officially for Sale — Here’s What It Means for St. Pete

If you’ve lived in St. Petersburg for any length of time, you know Derby Lane isn’t just another piece of land — it’s a landmark. It’s part of our city’s story. And now, this massive property is officially for sale.

As someone who follows the St. Pete market closely (and helps buyers, sellers, and investors make smart moves every day), I wanted to break down what’s happening and why this matters.

A Quick Look Back

Derby Lane opened in 1925 and went on to become the oldest continuously operating greyhound track in the country. When greyhound racing ended in 2020, parts of the property shifted to poker and simulcast wagering — but most of the land has been sitting quietly ever since, waiting for its next chapter.

That next chapter is now officially on the table.

What’s for Sale

The property is massive — roughly 130+ acres (roughly 95 developable acres) along Gandy Boulevard, with direct access from both St. Pete and Tampa. In a city where land is limited and development pressure is high, a parcel this size simply doesn’t hit the market… ever.

This is the kind of site developers dream about.

Why This Is a Big Deal

Here’s what makes Derby Lane’s listing so important for the St. Pete market:

1. It opens the door for a transformational project.

We’re talking about enough land for a full mixed-use destination:

• Residential communities
• Restaurants, shops, and entertainment
• Hospitality components
• Parks, waterfront access, public space
• Even a master-planned district

Whatever happens next will likely shape the look and feel of Gandy Blvd for decades.

2. Investors are paying attention.

A site this large attracts major players — institutional buyers, national developers, private equity groups, you name it. Their interest alone is a signal that St. Pete isn’t just growing… it’s accelerating.

3. It influences nearby property values.

Large-scale redevelopment often leads to:

• Infrastructure improvements
• New retail and amenities
• Increased demand for surrounding neighborhoods
• Rising home and land values

If you own real estate anywhere near Gandy, Riviera Bay, Fossil Park, or the Gateway area — keep an eye on this.

4. It reflects where St. Pete is heading.

We’re no longer a “sleepy little beach city.” We’re a major metro with tech growth, waterfront investment, and a development pipeline that rivals much bigger markets. Derby Lane coming to market is just another sign of the momentum.

What Could Derby Lane Become?

While plans haven’t been announced, a few possibilities make sense:

• Mixed-use urban village with housing, retail, trails, and public gathering spaces
• Corporate or tech campus connected to Tampa Bay’s growing innovation economy
• Entertainment or sports-anchor development
• High-end residential community with walkable amenities

A smart developer might even preserve a piece of the historic grandstand as part of the branding — honoring the past while building for the future.

What This Means for Residents & Buyers

This sale won’t just affect the land itself — it will influence:

• Traffic planning
• Zoning shifts
• New retail corridors
• Future housing supply
• Local business opportunity

If you’re thinking about buying, investing,  or selling nearby, it’s worth understanding how this could shape long-term value.

My Take

As someone who tracks local development every day, this feels like a once-in-a-generation opportunity for St. Pete. The right project could turn the Gandy corridor into something vibrant, modern, and connected — and that benefits the entire city.

And yes… I’ll be monitoring it closely.

Thinking About How This Affects Your Real Estate Strategy — or Interested in Derby Lane Itself?

Whether you're a homeowner, an investor, or someone looking for your next major development opportunity, the Derby Lane listing is the kind of moment that deserves attention. If you're actively exploring the possibility of acquiring the Derby Lane property, or you want to understand how a redevelopment of this scale could impact your portfolio, I'd love to help you evaluate the numbers, zoning pathways, and long-term upside. And if you're buying, selling, or investing anywhere in St. Pete, I’m here as a resource to help you position yourself for what’s coming next.

Keith Burt
Broker Associate | Dalton Wade Real Estate Group
727-410-9330

‍

‍