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 construction loan for 39‑acre Amara Bay Residences & Marina in north St. Petersburg
Lead
A Miami‑based developer has locked in a $121 million construction loan to advance a large waterfront project at 12000 Gandy Boulevard in north St. Petersburg. The financing, led by ABANCA USA, will fund ongoing work at Amara Bay Residences & Marina, a planned 39‑acre mixed‑use community near the base of the Gandy Bridge and the Snug Harbor Road intersection.
What the loan covers and who provided it
The construction loan led by ABANCA USA, part of a Spanish financial group, is intended to support vertical construction and finishing of the community’s residential buildings, marina infrastructure, clubhouse and resort‑style amenities. The developer described the funding as a major milestone in delivering a waterfront destination that blends housing, marina access and recreational features.
Project overview
The project sits on 39 acres of waterfront and is now publicly identified as Amara Bay Residences & Marina. It was previously approved under different names and plans, including references as Waterways Apartments and Marina and earlier mentions as Snug Harbor. The most recent program lists 415 luxury apartments, an 8,000‑square‑foot waterfront restaurant with an operator yet to be announced, and a 150‑slip marina made up of 130 wet slips and 20 dry‑stack slips primarily for resident use.
Residential and amenity layout
Renderings and planning documents show six four‑story apartment buildings and nine blocks of two‑story rental townhomes. Townhomes will face a large retention pond and green space. Community amenities include two resort‑style pools, a main clubhouse, volleyball and basketball courts, pickleball courts, playground, recreational field, a boardwalk with fitness trails, a kayak launch and more than 3,000 linear feet of walkable waterfront.
Marina, parking and retail
The marina component is planned with 130 wet slips and 20 dry‑stack slips, plus a small bait shop adjacent to marina docks. Most marina services and slips are intended primarily for residents. Residential parking is planned at ground level with one‑car garages for apartment units and two‑car garages for townhomes.
Construction status and timeline
Site work began in late 2024 and vertical construction started in August. The developer expects pre‑leasing to begin in late 2026 once the main clubhouse, pools and several apartment buildings are complete. Earlier approvals and pre‑construction plans at the site included different unit counts, with prior descriptions ranging up to 470 units and alternate breakdowns that listed 324 bayfront apartments plus 52 townhomes.
Engineering, resilience and materials
Due to the coastal high‑hazard status of the site, the project required significant engineering and coordination with federal flood authorities. All buildings will be constructed entirely of concrete rather than wood framing. The team plans to raise the existing seawall to a height of six feet and to implement other safety measures developed through work with federal agencies to meet elevated flood and storm resilience standards.
Team behind the development
Development was led by Key International, which reportedly began evaluating the property in 2019. The project team includes MSA Architects, Central Site Development and Strategic Group. Public renderings and an aerial photo of active construction have been provided by the developer.
Context and nearby parcels
The Amara Bay site is one of several large redevelopment parcels along Gandy Boulevard. Separately, a shuttered greyhound racetrack site further along Gandy spans about 130 acres and has new ownership pursuing its own financing and redevelopment plans.
Uncertainties and earlier approvals
Reporting on the project has included multiple versions of the unit counts and program over time. Those earlier figures reflect approvals, concept plans and amendments from 2022 onward and may differ from the current development program. The restaurant operator and some final retail tenancy remain undecided.
Bottom line
With $121 million in construction financing secured and concrete construction under way, Amara Bay is moving from site preparation into building and amenity delivery. If timelines hold, the first leasing and resident move‑ins are expected to begin as major community elements are completed in late 2026.
FAQ
What is the project name and location?
The project is called Amara Bay Residences & Marina, located at 12000 Gandy Boulevard in north St. Petersburg near the Gandy Bridge base.
Who is developing the project and who provided the loan?
The developer is Key International. The construction loan of $121 million is led by ABANCA USA.
How many housing units are planned?
The most recent program lists 415 luxury apartments plus rental townhomes. Earlier approvals referenced higher or different unit counts, which were revised over time.
What marina and waterfront features will the development include?
The plan includes a 150‑slip marina (130 wet slips and 20 dry‑stack slips), a small bait shop, more than 3,000 linear feet of waterfront, a boardwalk, fitness trails and a kayak launch.
When will construction and leasing occur?
Site work began in late 2024, vertical construction began in August, and pre‑leasing is expected to start in late 2026 as key amenities and several buildings are completed.
What resilience measures are included?
All buildings will use concrete construction, the seawall will be raised to six feet, and the design was coordinated with federal agencies to meet coastal high‑hazard requirements.
Is the restaurant operator confirmed?
No restaurant operator has been announced at this time.
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Key project features
| Feature | Detail |
|---|---|
| Developer | Key International (Miami‑based) |
| Location | 12000 Gandy Boulevard, north St. Petersburg |
| Site size | 39 acres waterfront |
| Construction loan | $121 million led by ABANCA USA |
| Residential | 415 apartments; rental townhomes also planned |
| Marina | 150 slips (130 wet, 20 dry‑stack); small bait shop |
| Amenities | Clubhouse, two pools, courts, playground, boardwalk, kayak launch |
| Construction | Concrete buildings; seawall raised to 6 feet; FEMA coordination |
| Timeline | Site work late 2024; vertical construction began in August; pre‑leasing expected late 2026 |
| Design team | 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
Author: Construction TX News
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