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 Amara Bay Residences & Marina on 39 acres at 12000 Gandy Boulevard
A Miami-based developer has secured a major construction loan to fund work on a large waterfront community in north St. Petersburg. Key International obtained a $121 million construction loan led by ABANCA USA to support the ongoing build-out of Amara Bay Residences & Marina, a 39-acre mixed-use project at 12000 Gandy Boulevard, near the base of the Gandy Bridge and Snug Harbor Road.
What the loan funds and the project’s top-line numbers
The loan is intended to fund continued construction of the master-planned waterfront community. The latest project program calls for 415 luxury apartments, an 8,000-square-foot waterfront restaurant (operator not yet announced), and a 150-slip marina comprised of 130 wet slips and 20 dry‑stack slips. Amenities include resort-style pools, a main clubhouse, courts for sports, a playground, fitness trails, and more.
Construction status and schedule
Site work began in late 2024, and vertical construction started in August. Pre-leasing for residences is expected to begin in late 2026, timed with completion of the main clubhouse, pools, and several apartment buildings. The financing closes a gap between site preparation and steady vertical work so leasing and amenity openings can proceed as planned.
Design, buildings and marina layout
The residential component includes six four-story apartment buildings and nine blocks of two-story rental townhomes. Townhomes are shown in project renderings oriented toward a large retention pond and surrounding green space. The marina is designed primarily for residents and will include a small bait shop at its edge. Walkable waterfront features exceed 3,000 linear feet and are linked by a boardwalk, kayak launch, pathways and fitness trails.
Amenities, parking and construction details
The development plan lists two resort-style pools, a main clubhouse, volleyball and basketball courts, pickleball courts, a playground and a recreational field. Parking is organized with residential parking on the first level, one-car garages for apartments and two-car garages for townhomes. All buildings will be built in concrete rather than wood framing, reflecting a focus on durability and local building standards.
Resilience and site engineering
Because the site lies in a coastal high-hazard zone, project engineers worked with federal agencies to raise building elevations and update the shoreline. The seawall will be raised to six feet around the site’s perimeter and other protective measures have been incorporated to meet safety and flood-resilience requirements. The site required extensive engineering, and Key International began exploring the property in 2019.
Development team and visuals
The development team includes Miami-based MSA Architects, Brandon-based Central Site Development, and Miami-based Strategic Group. Multiple project renderings and aerial photos of active work have been provided by the developer for public review.
Approvals, earlier versions and unit counts
The project has been described under several names and configurations during planning. Earlier approvals from 2022 referenced a plan called Waterways Apartments and Marina, and prior reports used the name Snug Harbor. Unit counts published at different times have varied — earlier approvals listed as many as 470 units, while other planning documents listed a split such as 324 bayfront apartments plus 52 rental townhomes. The current, most-cited plan put forward 415 apartments and the townhome blocks described above.
Financing milestone and developer intent
The construction loan led by ABANCA USA is being presented by the developer as a key financing milestone that allows vertical work and amenity build-out to continue without interruption. Company leadership framed the loan as central to delivering the developer’s vision of a distinctive waterfront living community that aims to be highly sought-after in the market.
Related local site activity (separate project)
Separately, the shuttered Derby Lane racetrack property at 10490 Gandy Boulevard North — a much larger, 130-acre site — is moving under new ownership and has its own financing and redevelopment plans. That site is an unrelated project in the broader corridor and is not part of the Amara Bay development.
What remains to be decided
The restaurant operator has not been announced, and some project details could adjust as construction progresses and leasing plans firm up. The marina and many amenities are expected to serve residents first, and public access details or commercial leases may be confirmed as the project nears opening.
FAQ
What is being built at 12000 Gandy Boulevard?
Amara Bay Residences & Marina is a 39-acre waterfront mixed-use community featuring apartments, rental townhomes, a marina, a waterfront restaurant, and resort-style amenities.
Who is developing the project and who is lending the money?
The project is developed by Key International. Construction financing is a $121 million loan led by ABANCA USA.
How many homes and marina slips are included?
The latest plan calls for 415 apartments plus multiple rental townhomes and a 150-slip marina (130 wet slips and 20 dry-stack slips).
When will residents be able to move in?
Site work started in late 2024 and vertical construction began in August. Pre-leasing is expected in late 2026, beginning as core amenities and several buildings are completed.
Are the buildings being built to withstand coastal hazards?
Yes. Buildings will be constructed in concrete, and the existing seawall will be raised to six feet. The design and elevations were reviewed with federal agencies due to the site’s coastal high-hazard status.
Will the marina be open to the public?
The marina is described primarily for resident use. Final public access policies and commercial operations have not been fully announced.
Where can I find renderings or progress photos?
The developer has released project renderings and aerial photos showing active construction and planned site features. These materials are typically available through official project communications.
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Key project features
| Feature | Detail |
|---|---|
| Developer | Key International (Miami-based) |
| Project name | Amara Bay Residences & Marina |
| Location | 12000 Gandy Boulevard, north St. Petersburg (near Gandy Bridge & Snug Harbor Road) |
| Site size | 39 acres waterfront |
| Construction loan | $121 million led by ABANCA USA |
| Residential units | Latest program: 415 apartments plus rental townhomes |
| Marina | 150 slips (130 wet, 20 dry-stack), small bait shop |
| Restaurant | 8,000 sq ft waterfront restaurant (operator TBD) |
| Building types | Six 4-story apartment buildings; nine blocks of 2-story townhomes |
| Construction materials | Concrete buildings (no wood framing) |
| Resilience measures | Seawall raised to 6 feet; FEMA coordination on elevations |
| Amenities | Pools, clubhouse, courts, playground, fitness trails, kayak launch, walkable waterfront |
| Parking | Residential parking on first level; 1-car garages for apartments; 2-car for townhomes |
| Construction status | Site work late 2024; vertical construction began in August; pre-leasing expected late 2026 |
| Design & site 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 NY News
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