Key International Closes $121 Million Construction Loan for Amara Bay Residences & Marina

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ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Oct 14, 2025--

Global real estate and investment firm Key International has secured a $121 million construction loan for Amara Bay Residences & Marina, a waterfront mixed-use development located at 12000 Gandy Boulevard N., St. Petersburg, FL 33702. Led by ABANCA USA, the loan will fund the ongoing development of the 39-acre project overlooking Tampa Bay. Construction of the project commenced in late 2024, with vertical construction beginning in Q2 2025. The initial buildings are anticipated to be delivered by Q4 2026.

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Rendering of Amara Bay Residences & Marina

Amara Bay Residences & Marina will boast over 3,000 linear feet of walkable waterfront space, featuring 415 luxury apartments. An 8,000-square-foot waterfront restaurant will open adjacent to a 150-slip marina. Amenities for the community will include two resort-style pools, a clubhouse, a volleyball court, a basketball court, pickleball courts, a playground, and a recreational field. The property will also have a boardwalk lined with exercise paths and a kayak launch.

“Securing this construction financing marks a significant milestone for the transformative development of Amara Bay,” said Michael Vassilarros, Chief Investment Officer for Key International. “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.”

About Key International

Key International is a global real estate development and investment firm with a strong presence in Florida, Spain and Portugal. Since its inception in 1970, the company has been involved in over $8 billion of diversified real estate transactions, encompassing residential, hospitality, office, retail and mixed-use developments. The company’s portfolio boasts an impressive record, including the development of over 10 million square feet of property, comprising more than 6,000 residential units and over 3,300 hotel keys.

Key International has been a driving force in the growth of South Florida’s real estate market as developers and owners of high-profile properties including the Eden Roc Resort Miami Beach, the Marriott Stanton Resort South Beach and the 848 Brickell Avenue office building. Its hospitality division has nearly doubled in value over the last five years via strategic developments and acquisitions in top-rated leisure markets. As a family-run company, Key International prioritizes owning and operating long-term developments that are community centric and forward thinking, with a goal of serving cities and inspiring growth.

Visit www.keyint.com for more information on the company and its portfolio.

About ABANCA USA

ABANCA USA is the U.S. presence of ABANCA Corporación Bancaria, a leading international financial group based in Spain. The group has a global reach across Europe and the Americas, with a presence in 11 countries and a team of over 8,000 employees. In the U.S., ABANCA USA combines traditional banking with cutting-edge technology. The bank provides personalized, custom services with full geographic coverage, making it a reliable partner for clients with national and international financial transactions. For more information, visit: www.abancausa.com.

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CONTACT: MEDIA CONTACT:

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Wind It Up Media

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KEYWORD: EUROPE SPAIN UNITED STATES NORTH AMERICA FLORIDA

INDUSTRY KEYWORD: OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING REIT

SOURCE: Key International

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PUB: 10/14/2025 08:00 AM/DISC: 10/14/2025 08:00 AM

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