A rendering of marina bay residences, a new 12-story, 96-unit condo tower proposed for marina bay in st. petersburg | BDG Architects

A new luxury condominium tower will be developed on the Pinellas Bayway, marking the final major development within Marina Bay, a 67-acre gated waterfront community adjacent to Eckerd College and southwest of the Skyway Marina District in St. Petersburg.

Marina Bay developer Reza Yazdani plans to submit plans in early October to the City of St. Pete for the Marina Bay Residence, a 12-story condominium tower featuring panoramic views of Boca Ciega Bay and the Gulf of Mexico.

The $120 million project will include 96 residential units, two levels of parking, and a suite of upscale amenities.

Since acquiring the initial Marina Bay property from Eckerd College in 2003, Yazdani has transformed the site into a premier coastal residential enclave featuring a deep-water marina and 187 homes, including single-family residences, villas, and condominiums located along almost 2,000 feet of the Intracoastal Waterway.

Marina Bay Residence would be built on nearly five acres of vacant land on Harbor Way South, which Yazdani purchased in September 2024. The developer says the lot is the last vacant parcel along the Pinellas Bayway that is zoned for a residential tower.

An aerial of the 67-acre marina bay community | marina bay

“For years, I’ve chased property with the vision to build a new development that would define Marina Bay and complete the community with something outstanding,” Yazdani said in a conversation with St. Pete Rising, recalling the moment he jumped on the chance to acquire the site.

Yazdani, who resides in Marina Bay, said he and his team engaged with current residents, asking them to weigh in on the future tower and additional amenities it could bring.

“There is incredible demand for homes in Marina Bay, and many potential buyers are interested in a luxury condominium with all of the amenities and spectacular views of Boca Ciega Bay, our beautiful Gulf beaches and beyond,’’ said Yazdani.

Today, the single-family homes in the master-planned community are completely sold out and only four condos and six villas are available.

“Marina Bay Residence will fill a market need and feature the same first-rate construction and attention to detail that has made our planned community such an overwhelming success,” Yazdani said.

The tower will offer units ranging from 1,500 to 3,050 square feet, capped by eight two-story penthouses with four bedrooms each. Additional six single-story villas will wrap around the building’s perimeter above parking.

Residents will have access to concierge and valet services, a resort-style rooftop terrace with a pool and lounge area, and a fitness and business center. The structure will be surrounded by enhanced landscaping, including fountains, uplighting, and a pond connecting to Marina Bay’s 15-acre lake system.

Marina Bay is a community featuring a deep-water marina and 187 homes, including single-family residences, villas, and condominiums located along almost 2,000 feet of the Intracoastal Waterway | Marina Bay

“It was important for us to incorporate the villas and condos into this building instead of building a separate structure. Just like our community today, we want to have a united development, and this will be a continuation of that,” Yazdani said.

The residential units in the tower will feel like entering a 5-star hotel with high-end finishes and water views, Yazdani said, also sharing the anticipated prices.

Pricing for the condos is expected to start at approximately $1.5 million ($1,000 per square foot). The two-story penthouses, which will include a private elevator, floor-to-ceiling windows, and panoramic views, will be priced at $7 million. Meanwhile, the villas will likely be priced around $2 million.

The Mediterranean-designed tower also incorporates storm-resilient infrastructure. A 250-space parking garage will include up to 100 shared spaces available for use during hurricanes by other Marina Bay residents and by an adjacent assisted living and nursing facility.

“During last year’s storms, the residents at the assisted living facility were clinging to their belongings and fleeing the property for fear of their vehicles sustaining damage from the storms. Marina Bay had zero flooding issues. Our block and masonry-built homes and garages are designed to withstand storms,” Yazdani said.

“We can help both the Marina Bay residents who have their family’s visiting and the residents at the facility who are worried about their vehicles with this new parking.”

The main entrance to Marina Bay will be reconfigured and enhanced with 24-hour security as part of the project. Yazdani also plans to update the signage, gates, and fencing throughout the property.

The same development team that collaborated on Marina Bay will lead the construction on Marina Bay Residence with ITI Construction LLC, which is controlled by Yazdani, serving as the program manager. The group has built over $2 billion worth of projects throughout Tampa Bay and Florida.

Tampa-based BDG Architects and Clearwater-based civil engineering firm Anderson Lane Inc. are also on the team.

To build the new tower, Yazdani is seeking a variance to increase the maximum building height on the parcel from the currently allowed 85 feet to 150 feet. Yazdani notes the nearby condominium towers at Point Brittany were permitted to rise 175 feet.

Pending the city’s approval, construction for Marina Bay Residence is expected to commence in spring 2026 and be completed by spring 2028.