12000 Gandy Boulevard, North St. Petersburg, Florida, October 11, 2025
News Summary
Key International obtained a $121 million construction loan led by ABANCA USA to fund Amara Bay Residences & Marina, a 39-acre waterfront mixed-use community at 12000 Gandy Boulevard in north St. Petersburg. The development will feature 415 luxury apartments, multiple two-story rental townhomes, an 8,000-square-foot waterfront restaurant, and a 150-slip marina, plus resort pools, clubhouse, fitness trails and courts. The financing will support major vertical construction, amenity completion and coastal resilience work, including concrete building construction and raising the seawall to meet flood-safety requirements. Pre-leasing will begin as core amenities and several buildings are completed.
Key International Secures $121 Million for 39‑Acre Amara Bay Residences & Marina in North St. Petersburg
$121 million in construction financing has been secured to continue work on a 39‑acre waterfront community at 12000 Gandy Boulevard in north St. Petersburg. The loan, led by ABANCA USA, will fund the ongoing buildout of Amara Bay Residences & Marina, a mixed‑use project by Miami‑based Key International located near the base of the Gandy Bridge and the Snug Harbor Road intersection.
What the loan covers and the project’s core elements
The construction loan will support vertical building work, marina construction and community amenities. The latest plan calls for 415 luxury apartments, an 8,000‑square‑foot waterfront restaurant with an operator to be announced later, and a 150‑slip marina made up of 130 wet slips and 20 dry‑stack slips primarily intended for residents. The community is designed with resort‑style amenities, an extensive boardwalk and more than 3,000 linear feet of walkable waterfront.
Buildings, homes and parking
Residential construction includes six four‑story apartment buildings and nine blocks of two‑story rental townhomes. Townhomes are shown in project drawings facing a large retention pond and adjacent green space. Parking is built into the homes: apartment units will have one‑car garages on the first level, while townhomes include two‑car garages.
Marina and outdoor features
The marina plan includes a small bait shop next to the slips, a kayak launch, fitness trails and pathways tracing the waterfront. The community design calls for two resort pools, a main clubhouse, courts for volleyball, basketball and pickleball, a playground and a recreational field. Most waterfront features are intended primarily for resident use.
Construction status and timeline
Site work began in late 2024 and vertical construction started in August. Pre‑leasing is projected to begin in late 2026, timed with completion of the main clubhouse, pools and several apartment buildings. The project team expects staged openings as buildings and amenities finish.
Engineering, resilience and materials
Because the site sits in a coastal high‑hazard area, the developer began engineering work several years ago and coordinated with federal agencies to raise building pads, rebuild the seawall and meet flood and safety requirements. Plans call for the seawall to be raised to six feet around the perimeter. All buildings will use concrete construction rather than wood framing to meet durability and resilience goals.
Project history and approvals
The site has been tracked by Key International since 2019. The project has appeared under earlier names and approvals, including references to Waterways Apartments and Marina in 2022 and some reports that called the site Snug Harbor. Early approvals and media coverage included differing unit counts — earlier materials described as many as 470 residential units in various configurations. The most recent public program lists 415 apartments plus townhomes, though older documents show alternate breakdowns such as 324 bayfront apartments with 52 rental townhomes.
Development team and visuals
The development team includes architecture and site specialists. The project lists MSA Architects, Central Site Development and Strategic Group among consultants. Multiple renderings and aerial images have been released by the developer showing the marina, buildings, pathways and amenities.
Financing and local context
The construction loan led by ABANCA USA is a major financing milestone for Key International and will allow continued construction activity through the next phases of the project. The broader area is also seeing other large redevelopment moves, including separate plans on Gandy Boulevard for a former racetrack site that are advancing under new ownership and separate financing.
Next steps
Key upcoming steps include continued vertical construction, completion of infrastructure and amenity areas, and marketing and leasing preparations ahead of late‑2026 pre‑leasing. The restaurant operator and final marina management details were not announced at the time of this report.
Frequently Asked Questions
What is the total size of the Amara Bay site?
The site covers 39 acres of waterfront property along Gandy Boulevard in north St. Petersburg.
How much financing was secured and who led the loan?
The developer secured a $121 million construction loan led by ABANCA USA. The loan is intended to fund ongoing construction activities.
How many apartments and townhomes are planned?
The current program calls for 415 apartments plus multiple rental townhomes configured in nine blocks of two‑story units. Early reports listed different totals during the approval process.
What marina and water access will the community have?
The marina will have 150 slips in total (130 wet slips and 20 dry‑stack slips), plus a small bait shop and a kayak launch. Most amenities are planned for resident use.
When will residents be able to move in?
Pre‑leasing is expected to start in late 2026, once the main clubhouse, pools and several apartment buildings are complete. Occupancy will follow phased construction completion.
What measures are being taken for coastal risks?
Plans call for concrete construction, a raised seawall to six feet, elevated building pads and coordination with federal flood officials to address coastal high‑hazard conditions.
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Key features at a glance
| Feature | Detail |
|---|---|
| Site | 39 acres of waterfront property at 12000 Gandy Boulevard |
| Financing | $121 million construction loan led by ABANCA USA |
| Residential | 415 luxury apartments; multiple two‑story rental townhome blocks |
| Marina | 150 slips total (130 wet slips + 20 dry‑stack slips); small bait shop |
| Amenities | 8,000 sq ft waterfront restaurant, two resort pools, clubhouse, courts, playground, boardwalk, kayak launch |
| Construction | All‑concrete buildings; seawall raised to six feet; FEMA coordination |
| Timeline | Site work began late 2024; vertical construction began in August; pre‑leasing aimed for late 2026 |
| Developer & Consultants | Developer: Key International; consultants include MSA Architects, Central Site Development, Strategic Group |
Deeper Dive: News & Info About This Topic
Additional Resources
- St. Pete Rising: $121M construction loan for 39-acre waterfront project off Gandy Boulevard
- Wikipedia: Amara Bay
- St. Pete Catalyst: Developer secures $121 million loan for St. Pete project
- Google Search: Amara Bay 12000 Gandy Boulevard
- St. Pete Rising: Gandy tag — related coverage
- Google Scholar: coastal resilience Florida construction
- WTSP: Local Spellers — Bruhat Amara Jordin (community interest)
- Encyclopedia Britannica: Scripps National Spelling Bee
- ABANCA USA (lender) — official site
- Google News: ABANCA USA construction loan
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