Key International, a global real estate and investment firm, has closed a $121 million construction loan to finance the development of Amara Bay Residences & Marina, a 39-acre mixed-use waterfront community located along the Gandy corridor in St. Petersburg, Florida.
The loan, led by ABANCA USA, will fund the ongoing construction of the project at 12000 Gandy Boulevard N., with vertical construction scheduled to begin in the second quarter of 2025. The first buildings are expected to be delivered by the fourth quarter of 2026.
Amara Bay Residences & Marina will bring a new standard of luxury living to Tampa Bay’s waterfront. The development will feature 415 high-end rental apartments, a 150-slip marina, and an 8,000-square-foot waterfront restaurant. Residents will enjoy more than 3,000 linear feet of walkable waterfront space and an extensive collection of amenities, including two resort-style pools, a clubhouse, volleyball and basketball courts, pickleball courts, a playground, and a recreational field. The property’s design also includes a scenic boardwalk with fitness paths and a kayak launch to promote active outdoor living.
The new loan represents a major milestone for Key International as it continues to expand its presence across Florida’s residential and hospitality sectors. The firm, which has been involved in more than $8 billion in diversified real estate transactions since its founding in 1970, is best known for developing and owning some of the state’s most iconic properties, including the Eden Roc Resort Miami Beach, the Marriott Stanton Resort South Beach, and the 848 Brickell Avenue office building. With over 10 million square feet of real estate developed, 6,000 residential units delivered, and 3,300 hotel keys under its belt, Key International has become a cornerstone of Florida’s real estate landscape.
ABANCA USA, which led the financing, is part of ABANCA Corporación Bancaria, a leading international financial group headquartered in Spain. With operations in 11 countries and more than 8,000 employees, ABANCA combines traditional banking with innovative financial technology. Its U.S. division focuses on providing custom financial services for both domestic and international clients, reflecting its growing role in cross-border real estate and infrastructure financing.
Key International’s latest project continues its long-standing strategy of creating community-centered, sustainable developments that blend residential luxury with vibrant lifestyle experiences. Amara Bay Residences & Marina is poised to become one of St. Petersburg’s most desirable new addresses, combining waterfront living, resort-style amenities, and direct access to the region’s coastal attractions.
KEY QUOTE:
“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
