a rendering of Amara Bay Residences & Marina, a mixed-use waterfront community planned for st. petersburg | key international

Miami-based Key International has secured a $121 million construction loan for Amara Bay Residences & Marina, a 39-acre waterfront mixed-use community rising at 12000 Gandy Boulevard in north St. Pete.

Led by ABANCA USA, a financial group headquartered in Spain, the loan will fund the ongoing construction of the project, which will include 415 luxury apartments, an 8,000-square-foot restaurant, a 150-slip marina, and a host of resort-style amenities.

“Securing this construction financing marks a significant milestone for the transformative development of Amara Bay,” said Michael Vassilaros, Chief Investment Officer at Key International.

“Our vision is to create one of the most sought-after multifamily communities in the country, furthering our legacy of developing distinctive destinations around the world,” Vassilaros continued.

An aerial of the active construction underway for the amara Bay Residences & marina | photo provided

Originally approved in 2022 under the name Waterways Apartments and Marina, the project initially called for 470 residential units and mixed uses.

Site work began in late 2024, and vertical construction commenced in August.

When complete, Amara Bay Residences & Marina will feature six four-story apartment buildings and nine blocks of two-story rental townhomes.

Pre-leasing is expected to begin in late 2026, coinciding with the completion of the main clubhouse, pools, and several apartment buildings.

Located near the base of the Gandy Bridge, the community will offer over 3,000 linear feet of walkable waterfront, including a boardwalk with fitness trails and a kayak launch.

The restaurant—whose operator has not yet been announced—will sit beside a marina featuring 130 wet slips and 20 dry stack slips, primarily for resident use, along with a small bait shop.

A rendering of the apartments and marina | key international

Amenities will include two resort-style pools, a clubhouse, volleyball and basketball courts, pickleball courts, a playground, and a recreational field.

“We started looking at the site in 2019. It’s so rare to find a site of this scale on the water in a core location,” Vassilaros previously told St. Pete Rising.

“There was a lot of engineering needed because it’s in a coastal high-hazard area. We worked with FEMA to raise and fit the buildings, rebuild the seawall, and implement other safety measures.”

The team will raise the existing seawall to six feet along the site’s perimeter, and all buildings will be constructed entirely of concrete, a more durable alternative to wood framing.

Residential parking will be located on the first level, with one-car garages for apartments and two-car garages for townhomes.

The development team includes Miami-based MSA Architects, Brandon-based Central Site Development, and Miami-based Strategic Group.