News Summary
St. Petersburg is preparing for the Marina Bay Residence, a luxurious 12-story multi-family development projected to bring 96 residences to the area by 2028. With prices starting at $1.5 million for condos and high-end penthouses starting at $7 million, this project will feature upscale amenities such as a rooftop pool and wellness center. Developed by Reza Yazdani, this ambitious project will also include enhancements to views and environmental resilience, marking a significant milestone for the Marina Bay community.
St. Petersburg is set to welcome the Marina Bay Residence, a significant 12-story multi-family development that aims to be the last major project in the Marina Bay community. Situated on a five-acre parcel on Harbor Way South, this upscale residence is projected to yield 96 residences, comprising eight two-story penthouses and six single-story villas. It is anticipated that construction will kick off in spring 2026 and conclude by spring 2028.
The project is notable for its high price point, with condos starting at $1.5 million, which averages to around $1,000 per square foot. The lavish penthouses begin pricing at $7 million, while the wraparound villas will have a starting price of about $2 million. Each unit is designed to range in size from 1,500 to 3,050 square feet.
Designed by Tampa-based BDG Architects, the Marina Bay Residence will embody a Mediterranean-style resort aesthetic. The development is planned to include upscale amenities such as a hotel-style rooftop swimming pool, a gym, and a business conference center. Additionally, the project will feature a two-level parking garage that accommodates 250 parking spots, with a portion designated for residents and use during emergency situations such as hurricanes.
Reza Yazdani, the project’s developer, is currently seeking to secure a height variance to increase the parcel’s maximum allowable height from 85 feet to 150 feet, which will enhance the views from the residential units. The estimated total cost of the project stands at $120 million, with environmental resilience being a key design principle.
Residents of the Marina Bay Residence can expect stunning vistas of Boca Ciega Bay and access to the nearby Gulf beaches. The community is designed to reflect a “park-like” living environment, which includes a new pond that connects to Marina Bay’s lakes. To foster a sense of community, the development will also offer concierge and valet services, with potential additional amenities such as a bowling alley.
Yazdani’s company has been instrumental in developing the Marina Bay community over the past two decades, which currently features a variety of homes, villas, and amenities including pools and a fitness center. The upcoming public presentation of the Marina Bay Residence project is scheduled for early October 2025 to the city’s Development Review Commission.
This development marks a significant milestone for both the Marina Bay community and St. Petersburg, as it encapsulates the ambitions for refined living and community-oriented design. As the project progresses, it seems poised to establish itself as a landmark building that captures the attention of residents and visitors along the Pinellas Bayway.
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Additional Resources
- Florida YIMBY: Developer Seeks Height Variance for Marina Bay Residence in St. Petersburg
- Google Search: Marina Bay Residence St. Petersburg
- St. Peterising: 12-Story Luxury Condo Tower in Marina Bay
- Wikipedia: Marina Bay
- TBBW: Marina Bay Condo on Pinellas Bayway
- Google News: Marina Bay condos
- St. Pete Catalyst: Developer Plans $120 Million Tower
- Encyclopedia Britannica: St. Petersburg
- Yield PRO: Broadstone Marina Bay
- Google Scholar: Marina Bay Residence
Author: STAFF HERE PETERSBURG WRITER
ST PETERSBURG STAFF 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.
