Battered Twin City mobile home park near Derby Lane may be redeveloped into apartments

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Battered Twin City mobile home park near Derby Lane may be redeveloped into apartments

A flood-prone mobile home park next to Derby Lane that was devastated by last year’s hurricanes could soon be redeveloped into a new apartment community.

Illinois-based Lakeshore Management, the property owner, is seeking a land use map amendment and rezoning for the 8.94-acre Twin City Mobile Home Park at 10636 Gandy Boulevard North to permit multifamily residential development.

Located near the Gandy Bridge and sitting at zero elevation within the Coastal High Hazard Area, many of the hurricane-damaged homes were deemed uninhabitable following the storms. The Pinellas County Housing Authority and other agencies have since helped residents relocate.

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$121 million construction loan secured for 39-acre waterfront apartment project off Gandy Boulevard

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$121 million construction loan secured for 39-acre waterfront apartment project off Gandy Boulevard

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.”

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Derby Lane sold to new owners who may redevelop the 130-acre property

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Derby Lane sold to new owners who may redevelop the 130-acre property

Spanning 130 acres along Gandy Boulevard, the shuttered Derby Lane greyhound racetrack has a new owner. The St. Pete Kennel Club Inc., which owns the property, has merged with Connecticut-based Rally Acquisition Co.

“The goal is to develop the 130-acre site in a way that benefits the community, while continuing the strong performance of the club’s gaming operations,” said Scott Esterbrook, an attorney representing Rally Acquisition, in an interview with the Tampa Bay Times, which first reported the news.

While specific redevelopment plans for the site at 10490 Gandy Boulevard North have not been disclosed, the new ownership recently secured a $58.25 million loan from Broadway Agency Services LLC.

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Construction begins on 39-acre Waterways Apartments and Marina off Gandy Boulevard

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Construction begins on 39-acre Waterways Apartments and Marina off Gandy Boulevard

Shovels will soon hit the ground to start vertical construction on a new 470-unit multi-family development encompassing 39 acres of waterfront property overlooking Tampa Bay.

This spring, Miami-based Key International will break ground on the Waterways Apartments and Marina project at 12000 Gandy Boulevard North, located near the intersection with Snug Harbor Road. The development was approved in 2022.

Waterways Apartments and Marina, a project formerly referred to as Snug Harbor, will boast over 3,000 linear feet of prime water frontage and will feature 324 bayfront apartments and 52 rental townhomes facing a large retention pond. 

Additionally, an 8,000-square-foot yet-to-be-revealed waterfront restaurant will sit adjacent to a marina with 130 wet slips and 20 dry stack slips. The marina will be primarily used by residents and feature a small bait shop.

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