News Summary
Key International has secured a $121 million construction loan for its Amara Bay Residences & Marina project in St. Petersburg, Florida. This waterfront community will feature 415 high-end rental apartments, a 150-slip marina, and various amenities, aiming to enhance local living. Construction is set to begin in the second quarter of 2025, with completion expected by late 2026. This marks a significant expansion for Key International in Florida’s residential and hospitality sectors.
St. Petersburg, Florida – Key International, a global real estate and investment firm, has successfully secured a $121 million construction loan for its latest project, Amara Bay Residences & Marina. This significant financial backing will support the development of a mixed-use waterfront community located along the Gandy corridor at 12000 Gandy Boulevard N.
The loan, which was led by ABANCA USA, marks a crucial step for Key International as they expand their footprint in Florida’s residential and hospitality sectors. Vertical construction for Amara Bay is projected to commence in the second quarter of 2025, with the initial buildings expected to be completed by the fourth quarter of 2026.
Spanning 39 acres, Amara Bay will feature 415 high-end rental apartments and a 150-slip marina. The community aims to offer a vibrant lifestyle experience, complete with an 8,000-square-foot waterfront restaurant and over 3,000 linear feet of walkable waterfront space. Residents can enjoy a range of amenities, including:
- Two resort-style pools
- A clubhouse
- A volleyball court
- A basketball court
- Pickleball courts
- A playground
- A recreational field
Moreover, the property design emphasizes connectivity to nature with a scenic boardwalk that includes fitness paths and a kayak launch.
The financing deal is seen as a vital milestone for Key International as they strive to create community-centered, sustainable developments. Founded in 1970, the firm has facilitated diversified real estate transactions worth over $8 billion. Key International is recognized for its iconic properties, including the Eden Roc Resort Miami Beach and the Marriott Stanton Resort South Beach, and has developed over 10 million square feet of real estate, delivering 6,000 residential units.
ABANCA USA, part of the larger ABANCA Corporación Bancaria, is a key financial partner in this venture. Situated in Spain, ABANCA operates across 11 countries and boasts a workforce of over 8,000 employees. Its U.S. division specializes in providing tailored financial solutions for both domestic and international clients.
Key International’s overarching goal is to blend residential luxury with vibrant lifestyle experiences, a vision that is reflected in the ambitious plans for Amara Bay. The project promises to enhance the St. Petersburg area, contributing positively to the local economy and housing market.
As the construction process unfolds, the development is poised to attract significant interest from potential residents and investors alike, reaffirming Key International’s position as a prominent player in Florida’s evolving real estate landscape.
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Author: STAFF HERE PETERSBURG WRITER
The ST PETERSBURG STAFF WRITER represents the experienced team at HEREStPetersburg.com, your go-to source for actionable local news and information in St Petersburg, Pinellas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Grand Prix of St. Petersburg, Localtopia, and SHINE Mural Festival. Our coverage extends to key organizations like the St. Petersburg Area Chamber of Commerce and St. Pete Downtown Partnership, plus leading businesses in finance, manufacturing, and healthcare that power the local economy such as Raymond James Financial, Jabil, and Bayfront Health St. Petersburg. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
