Michael Vassilarros, chief investment officer, said \u201cat least one building, maybe two\u201d 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.<\/p>\n
\u201cI think the different components make it a little bit more complex,\u201d Vassilarros told the Catalyst. \u201cBy far the most challenging part here, which, to be candid, is actually the most appealing part of the property, is that it\u2019s on the water.\u201d<\/p>\n
![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2025\/10\/KeyIn-Cam02_FINAL-co-1024x666.jpg\")
<\/p>\n
Negotiations with a tenant for the 8,000-square-foot restaurant are ongoing.<\/p>\n
The property sits entirely within a coastal high-hazard area. It was also embroiled in a foreclosure process from 2011 to 2021.<\/p>\n
Key International submitted plans for what was then \u201cSnug Harbor\u201d in November 2021<\/a>. The firm purchased several parcels in a combined $19 million all-cash deal, increased the project\u2019s scope and changed its name to Waterways Apartments and Marina in September 2022<\/a>.<\/p>\n However, the state\u2019s nascent \u201cgray water\u201d 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<\/a> from 376 to 470.<\/p>\n \u201cWe had to completely redo the entirety of the seawall,\u201d Vassilarros said. \u201cIn order to change the FEMA (Federal Emergency Management Agency) map, we had to do what\u2019s called a FEMA wall. So, maybe 15-20 feet behind the initial sea wall, we have another wall that\u2019s maybe two or three feet high. That\u2019s a second barrier.\u201d<\/p>\n Vassilarros said media coverage of Hurricanes Helene and Milton approaching the area was a \u201clittle bit scary\u201d last year. However, he thought the city \u201cheld up very well,\u201d and the site sustained no damage.<\/p>\n \u201cI think the way it\u2019s designed and built, it will be able to withstand anything that comes,\u201d Vassilarros added.<\/p>\n Michael Vassilarros, chief investment officer for Key International.<\/p>\n 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 \u201cincredibly fast process.\u201d<\/p>\n He noted that \u201cconcrete is great from a resilience standpoint,\u201d and crews are also pouring cement in the walls between units. The process also significantly decreases ambient noise.<\/p>\n Key International dedicated the first floor of Amara Bay\u2019s three apartment buildings to parking, ensuring livable spaces are well above flood zone requirements. \u201cI think what we\u2019ve created here is an opportunity to live on the water that\u2019s going to be unmatched, from a rental perspective, at least,\u201d Vassilarros said.<\/p>\n \u201cIt comes with some complications, but we\u2019ve designed and built an incredibly resilient community.\u201d<\/p>\n 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.<\/p>\n Vassilarros believes that Tampa Bay residents, like those in Miami, want to embrace an outdoor lifestyle that takes advantage of \u201camazing\u201d weather and views. The marina and restaurant will open to the public.<\/p>\n \u201cWe\u2019re negotiating a lease at the moment,\u201d Vassilarros said of the restaurant. \u201cUnfortunately, I can\u2019t comment on who it is.\u201d<\/p>\n A rendering highlighting the development\u2019s recreational field (right).<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2025\/10\/bio-MICHAEL-VASSILAROS-235x300.jpg\")
<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2025\/10\/KeyIn-FINAL-www.viewpointstudios.co_-1024x666.jpg\")
<\/p>\n