Upscale Hotel Development Planned for Odessa
October 3, 2025
Miami Developer Secures $121M Financing for St. Pete Waterfront Project
A major step forward is underway for one of St. Petersburg’s most anticipated waterfront developments. Miami-based Key International has secured $121 million in construction financing from ABANCA USA, fueling the transformation of the former Waterways Apartments and Marina into Amara Bay Residences & Marina — a vibrant mixed-use community along the Gandy Boulevard corridor.
Located at 12000 Gandy Blvd. N, the 39-acre project will feature 415 luxury apartments, 150 boat slips, an 8,000-square-foot waterfront restaurant, and a host of resort-style amenities.
“Securing this construction financing marks a significant milestone for the transformative development of Amara Bay,” said Michael Vassilarros, Chief Investment Officer for 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.”
Construction began with site work in late 2024, and vertical construction followed after the city issued key permits earlier this summer. The initial buildings are expected to be delivered by Q4 2026. Recent permits include one four-story building with 148 units and one three-story building with 63 units, totaling over $31 million in construction value.
Amara Bay’s design offers over 3,000 feet of walkable waterfront, complete with resort-style pools, a clubhouse, volleyball and basketball courts, pickleball courts, a playground, recreational fields, and a boardwalk with exercise paths and a kayak launch.
The project site, once known as Snug Harbor, faced years of financial challenges and foreclosure after the Great Recession. Key International acquired the property in September 2022 for $19 million in an all-cash deal. The city originally approved development plans in 2021, and the updated design now benefits from Florida’s Graywater Statute, which encourages sustainable water reuse systems in exchange for higher unit counts.
Design is being led by MSA Architects (Miami), with Central Site Development (Brandon) handling infrastructure work and Strategic Group (Miami) managing vertical construction.
Key International is a global real estate development and investment firm with a strong footprint in Florida, Spain, and Portugal. The project’s lender, ABANCA USA, represents the U.S. arm of ABANCA Corporación Bancaria, an international financial institution headquartered in Spain.
As progress continues, Amara Bay Residences & Marina is set to redefine luxury waterfront living in St. Petersburg — blending modern design, sustainability, and resort-style amenities in a premier coastal setting.
