Builder buys 53 townhouse sites in St. Pete waterfront development for $12M

Mattamy Homes has bought 53 townhouse sites in St. Petersburg’s Amara Bay Residences & Marina master-planned community currently under construction.

The sites at 12000 Gandy Blvd. sold for $12.64 million.

Collier, which brokered the deal and announced the sale, says in a statement that the lots are fully entitled and approved as part of the master-planned community.

Construction of the townhouses is expected to begin in coming weeks with sales starting in the summer.

Mattamy Homes, Collier says in a statement, will develop two townhome designs with two stories of living space. They will range from 2,371 square feet to 2,470 square feet with three to four bedrooms, two-and-a-half baths and two-car garages. Pricing is expected to start in the $700,000s.

Amara Bay is a 39-acre mixed-use development just as you come into Pinellas County from the Gandy Bridge.

It is being developed by the Miami firm Key Development, which sold the lots to Mattamy Homes.

Plans for the master-planned community 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 Development, which secured a $120 million construction loan last year, began work on the project in 2024 with the first buildings are expected to be done later this year.

Mark Eilers of Colliers represented Key International in the sale.