Global real estate and investment firm Key International has secured a $121 million USD construction loan to advance the development of Amara Bay Residences & Marina in St. Petersburg, Florida. The financing, led by ABANCA USA, will support the development of the 39-acre mixed-use waterfront site overlooking Tampa Bay.
Site construction began in late 2024, with vertical construction scheduled for the second quarter of 2025. The first buildings are expected to be delivered by the fourth quarter of 2026.
The project will feature 150 boat slips and more than 3,000ft (914 metres) of walkable waterfront space. A waterfront restaurant will be located adjacent to the marina, designed to complement the surrounding public areas and enhance community access to the bay.
Amara Bay Residences will include 415 apartments and a range of amenities such as two resort-style pools, a clubhouse, volleyball and basketball courts, pickleball courts, a playground and a recreational field. The site will also have a boardwalk with exercise paths and a kayak launch.
Michael Vassilarros, Chief Investment Officer for Key International stated: “Securing this construction financing marks a significant milestone for the transformative development of Amara Bay. Our vision is to create one of the most sought-after multifamily communities in the country, furthering our legacy of developing distinctive destinations around the world.”
Founded in 1970, Key International has completed more than $8 billion in real estate transactions across the residential, hospitality, office, retail and mixed-use sectors. The company operates in Florida, Spain and Portugal.
The construction loan was led by ABANCA USA, the American division of ABANCA Corporación Bancaria, a financial group headquartered in Spain with operations in 11 countries.
