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 from ABANCA USA for Amara Bay at 12000 Gandy Boulevard
A Miami-based developer has obtained a $121 million construction loan led by a Spain-headquartered lender to fund the ongoing build-out of a 39-acre waterfront community at 12000 Gandy Boulevard in north St. Petersburg. The project, now called Amara Bay Residences & Marina, includes luxury apartments, a marina and a waterfront restaurant as key elements of the mixed-use development.
What the loan covers and who led it
The construction financing is intended to carry the development through major vertical work and amenity completion at the site. The loan was led by ABANCA USA. The funds will support construction of residential buildings, a marina and community amenities as well as resilience measures required for the coastal location.
Project summary at a glance
Amara Bay sits on a 39-acre waterfront parcel near the base of the Gandy Bridge and the Snug Harbor Road intersection. The currently reported program calls for 415 luxury apartments, an 8,000-square-foot waterfront restaurant, and a 150-slip marina (comprised of 130 wet slips and 20 dry-stack slips). Additional elements include resort-style pools, a main clubhouse, fitness trails and multiple outdoor recreational features. The restaurant operator has not been announced.
Residential buildings and site layout
The residential plan is made up of six four-story apartment buildings and nine blocks of two-story rental townhomes. Renderings show the townhomes facing a large retention pond and surrounding green space. Parking is integrated into the building footprint: residential parking will be located on the first level, with one-car garages for apartments and two-car garages for townhomes.
Marina, waterfront and outdoor amenities
The project includes over 3,000 linear feet of walkable waterfront, a boardwalk with fitness trails, a kayak launch and pathways threading the community. The marina will offer a small adjacent bait shop and slips that are described as primarily for resident use. Outdoor amenities shown in plans include two resort-style pools, volleyball and basketball courts, pickleball courts, a playground and a recreational field.
Construction progress and timeline
Site preparation began in late 2024 and vertical construction started in August. Pre-leasing is expected to begin in late 2026, timed with completion of the main clubhouse, pools and multiple apartment buildings. The lender’s financing is structured to support this next phase of visible construction and leasing activation.
Resilience, engineering and approvals
Due to the coastal high-hazard location, the development team coordinated with federal flood officials and carried out significant engineering work. All buildings will be constructed entirely of concrete rather than wood framing. The project team will raise the existing seawall to six feet and has adjusted building elevations and site plans to meet resilience and safety requirements.
Development team and background
The developer began pursuing the site in 2019 and worked through multi-year approvals and engineering challenges. The current design work lists MSA Architects, Central Site Development and Strategic Group among the consultants. The project has been publicly referenced under earlier names and approvals, including prior approvals in 2022 and earlier references to the property under different project names.
Earlier approvals and evolving unit counts
Public records and earlier reports show varying unit counts and program descriptions. Initial approvals described as many as 470 total residential units, while some materials listed a breakdown of 324 bayfront apartments plus 52 rental townhomes. The present program most often cited in recent material is 415 apartments plus townhomes and amenities; documentation shows the plan has been revised during permitting and design.
Leadership and development goals
Company leadership described the financing as a major milestone in advancing the project’s vision to create a highly desirable multifamily waterfront destination and to continue the developer’s work delivering distinctive communities. The team cites long-term site planning and significant engineering as part of the project’s early work.
Other items of local development interest
Separately, a nearby large parcel at the shuttered racetrack site on Gandy Boulevard North has seen ownership and financing activity. That parcel spans roughly 130 acres and has separate plans and loans unrelated to the Amara Bay development.
Frequently asked questions
What is the size and location of the project?
The development covers 39 acres of waterfront property at 12000 Gandy Boulevard in north St. Petersburg, near the Gandy Bridge and Snug Harbor Road.
Who is financing construction?
Construction is being financed with a $121 million loan led by ABANCA USA.
How many apartments and townhomes are planned?
The most recent reported program calls for 415 luxury apartments along with multiple two-story rental townhome blocks. Earlier approvals showed different unit counts, which were revised during design and permitting.
What marina and waterfront features are included?
The marina will include a total of 150 slips (130 wet slips and 20 dry-stack slips), a small bait shop, over 3,000 linear feet of walkable waterfront, a boardwalk, fitness trails and a kayak launch.
When will residents be able to move in or start leasing?
Site work began in late 2024 and vertical construction began in August. Pre-leasing is expected to begin in late 2026, as amenity spaces and several apartment buildings are completed.
What resiliency measures are being used?
All buildings are planned as concrete construction. The seawall will be raised to six feet and building elevations were adjusted in coordination with federal flood officials to address the coastal high-hazard risk.
Who designed and manages the project?
Design and development consultants include MSA Architects, Central Site Development and Strategic Group. The project is developed by Key International.
Key features at a glance
| Feature | Detail |
|---|---|
| Site address | 12000 Gandy Boulevard, north St. Petersburg |
| Site size | 39 acres waterfront |
| Construction loan | $121 million led by ABANCA USA |
| Residential units | 415 luxury apartments (current reported figure); additional townhomes included |
| Marina | 150 slips (130 wet, 20 dry-stack); small bait shop |
| Restaurant | 8,000-square-foot waterfront restaurant (operator not announced) |
| Amenities | Two resort pools, clubhouse, courts (volleyball, basketball, pickleball), playground, recreational field, boardwalk, kayak launch |
| Construction type | All-concrete buildings; seawall raised to six feet; FEMA coordination |
| Timeline highlights | Site work began late 2024; vertical construction began in August; pre-leasing expected late 2026 |
| Consultants | 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 FL News
FLORIDA STAFF WRITER The FLORIDA STAFF WRITER represents the experienced team at constructionflnews.com, your go-to source for actionable local news and information in Florida and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florida Build Expo, major infrastructure projects, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated Builders and Contractors of Florida and the Florida Home Builders Association, plus leading businesses in construction and legal services that power the local economy such as CMiC Global and Shutts & Bowen LLP. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructiontxnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
