Key International, a global real estate and investment firm, has closed a $121 million construction loan for the development of Amara Bay Residences & Marina, a transformative waterfront project located along the Gandy corridor in St. Petersburg, Florida. The funding led by ABANCA USA will advance progress on the 39-acre mixed-use development at 12000 Gandy Boulevard N., with construction already underway and vertical building phases expected to begin in Q2 2025. The first residential units are projected to be completed and delivered by Q4 2026.
Amara Bay Residences & Marina represents one of the most ambitious multifamily developments on the Tampa Bay waterfront. The project will include 415 luxury rental apartments, a 150-slip marina, and an 8,000-square-foot waterfront restaurant, creating a new hub for upscale coastal living and recreation.
The development will feature more than 3,000 linear feet of walkable waterfront, enhancing community access to the shoreline while integrating a range of resort-style amenities. Planned facilities include two expansive pools, a modern clubhouse, sports courts for volleyball, basketball, and pickleball, as well as a playground, recreational field, and a scenic boardwalk lined with walking and fitness paths. A dedicated kayak launch and marina access will provide direct connections to Tampa Bay, emphasizing the project’s active-lifestyle and outdoor recreation focus.
The Amara Bay project underscores Key International’s continued expansion across Florida’s Gulf Coast, blending luxury living with waterfront accessibility and sustainability-focused urban design. The company’s integrated approach to real estate—encompassing residential, hospitality, and mixed-use development—has positioned it as a leader in both domestic and international property markets.
Founded in 1970, Key International has participated in over $8 billion in diversified real estate transactions, developing more than 10 million square feet of property across residential, hospitality, retail, and office sectors. Its portfolio includes landmark projects such as the Eden Roc Resort Miami Beach, Marriott Stanton Resort South Beach, and 848 Brickell Avenue office tower. The company maintains a strong presence in Florida, Spain, and Portugal, emphasizing long-term ownership and community-centric design in each of its ventures.
The lender, ABANCA USA, is the U.S. branch of ABANCA Corporación Bancaria, an international financial group headquartered in Spain. Operating in 11 countries and employing more than 8,000 professionals, ABANCA is recognized for combining traditional banking services with cutting-edge financial technology. The institution’s support of the Amara Bay project highlights its commitment to financing high-quality real estate developments that promote regional growth and sustainable infrastructure.
KEY QUOTES:
“Securing this construction financing marks a significant milestone for the transformative development of Amara Bay. 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.”
Michael Vassilarros, Chief Investment Officer, Key International
