Miami developer gets $121 million loan for St. Petersburg project

By Louis Llovio
| 8:00 a.m. October 18, 2025
| 2 Free Articles Remaining!

Amara Bay Residences & Marina is under construction at 12000 Gandy Blvd. N. in St. Petersburg.

Tampa Bay-Lakeland

Key International, a Miami real estate development and investment firm, has nailed down a $121 million construction loan for the development of a 39-acre mixed used development on Tampa Bay.

The property is just off the Gandy Bridge as you enter Pinellas County from Tampa.

The loan was issued by ABANCA USA, the U.S. division of an international financial group based in Spain. Terms were not disclosed.

Construction on the Amara Bay Residences & Marina at 12000 Gandy Blvd. N. in St. Petersburg started late last year and the first buildings are expected to be done by late 2026.

Key’s plans call for 415 luxury apartments, a 150-slip marina, an 8,000-square-foot restaurant and 3,000 feet of walkable waterfront. Other amenities will include two pools, a clubhouse and a boardwalk with fitness paths and a kayak launch.

Key International was founded in 1970 and has a portfolio with 10 million square feet of property, with more than 6,000 residential units and over 3,300 hotel units.

author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.