A Miami-based developer recently secured critical financing needed to bring four-year-old plans for a sprawling, activity-focused waterfront development in St. Petersburg to fruition.

Key International is transforming 39 long-vacant acres around 1200 Gandy Blvd. N. into the Amara Bay Residences & Marina. The much-anticipated project has undergone two expansions and name changes.

Michael Vassilarros, chief investment officer, said “at least one building, maybe two” has topped out, and construction is rapidly progressing. Once complete, Amara Bay will feature 415 luxury apartments, an 8,000-square-foot restaurant and a 150-slip marina.

“I think the different components make it a little bit more complex,” Vassilarros told the Catalyst. “By far the most challenging part here, which, to be candid, is actually the most appealing part of the property, is that it’s on the water.”

Negotiations with a tenant for the 8,000-square-foot restaurant are ongoing.

The property sits entirely within a coastal high-hazard area. It was also embroiled in a foreclosure process from 2011 to 2021.

Key International submitted plans for what was then “Snug Harbor” in November 2021. The firm purchased several parcels in a combined $19 million all-cash deal, increased the project’s scope and changed its name to Waterways Apartments and Marina in September 2022.

However, the state’s nascent “gray water” statute allowed Key International to seek a significant density bonus for recycling untreated household wastewater onsite. In December 2022, the St. Petersburg City Council approved a second amendment to the development agreement, which increased the number of allowable units from 376 to 470.

“We had to completely redo the entirety of the seawall,” Vassilarros said. “In order to change the FEMA (Federal Emergency Management Agency) map, we had to do what’s called a FEMA wall. So, maybe 15-20 feet behind the initial sea wall, we have another wall that’s maybe two or three feet high. That’s a second barrier.”

Vassilarros said media coverage of Hurricanes Helene and Milton approaching the area was a “little bit scary” last year. However, he thought the city “held up very well,” and the site sustained no damage.

“I think the way it’s designed and built, it will be able to withstand anything that comes,” Vassilarros added.

Michael Vassilarros, chief investment officer for Key International.

Site work on the project commenced in late 2024, and vertical construction began in the early summer. Vassilarros said Key International is using a poured concrete method, an “incredibly fast process.”

He noted that “concrete is great from a resilience standpoint,” and crews are also pouring cement in the walls between units. The process also significantly decreases ambient noise.

Key International dedicated the first floor of Amara Bay’s three apartment buildings to parking, ensuring livable spaces are well above flood zone requirements. “I think what we’ve created here is an opportunity to live on the water that’s going to be unmatched, from a rental perspective, at least,” Vassilarros said.

“It comes with some complications, but we’ve designed and built an incredibly resilient community.”

Amara Bay will also feature over 3,000 linear feet of walkable waterfront space, two resort-style pools, a clubhouse, a volleyball court, a basketball court, multiple pickleball courts, a playground and a recreational field. A .75-mile boardwalk will have adjacent exercise paths and a kayak launch.

Vassilarros believes that Tampa Bay residents, like those in Miami, want to embrace an outdoor lifestyle that takes advantage of “amazing” weather and views. The marina and restaurant will open to the public.

“We’re negotiating a lease at the moment,” Vassilarros said of the restaurant. “Unfortunately, I can’t comment on who it is.”

A rendering highlighting the development’s recreational field (right).

Key International announced Oct. 10 that it received a $121 million construction loan, led by Abanca USA, to complete Amara Bay. Vassilarros said the firm began shopping for financing shortly after breaking ground, but finding a lender to underwrite the apartments, marina and restaurant proved challenging.

However, he said Key International is still using its equity to fund construction, and will not begin drawing from the loan until the end of the year or early 2026. “So, the timing worked out perfectly.”

Vassilarros expects to complete construction on the apartment buildings, clubhouse and restaurant, and begin leasing units, by the winter of 2026. Founded in 1970, Key International has participated in over $8 billion worth of real estate transactions and developed more than 10 million square feet of mixed-use properties.

The family-run firm has a strong presence in South Florida, Spain and Portugal. However, Vassilarros noted that Amara Bay is Key International’s first apartment community in the Tampa Bay area.

“We’re super excited about this project,” he said. “And we’re looking forward to doing more.”