Miami, Fla.- (September 8, 2022)- Key International, a leading international real estate development and investment firm, has acquired an approximately 39-acre site for the development of a waterfront mixed-use community. Located at 12000 Gandy Boulevard in St. Petersburg, Fla., the project will feature 376 multifamily units as well as a new marina and restaurant concept.
“The Florida economy remains vibrant with St. Petersburg ranked among one of the fastest growing real estate markets in the state,” says Inigo Ardid, co-president of Key International. “We’re thrilled to be creating a product of this scale that not only fills a demand for housing, but also creates a new waterfront amenity to be enjoyed by the entire community.”
Mark Eilers, executive managing director, land services at Colliers, represented the seller in the transaction.
“Key International saw the potential of this prime piece of real estate and were dedicated and determined to overcome the obstacles that come along with buying any piece of waterfront property,” Eilers said. “This will be a real trophy project and a boon to area residents and visitors.”
Designed by MSA Architects, the development boasts over 3,000 linear feet of prime water frontage and will feature 324 waterfront apartment units as well as 52 rental townhomes located on a 3-acre lake. Additionally, an 8,000-square-foot waterfront restaurant will sit adjacent to a public dry stack marina and wet slips lining the project. Amenities for the community include two resort-style pools, a club house, a volleyball court, a basketball court, pickleball courts, a playground and a recreational field. It also debuts an open-to-the-public boardwalk lined with exercise paths and activated by a kayak launch.
“This project combines all the best things St. Pete has to offer,” says Colin Gorsuch, Vice President of Development for Key International. “From family-friendly outdoor activities to waterfront leisure, the community is thoughtfully designed to embrace its coastal location.”
Key International has a proven track record in the development and investment of coastal residential, hospitality and commercial properties. The firm also developed two hospitality projects in the neighboring town of Clearwater Beach. In Florida, they have a strong footprint in top performing markets of Miami, Jacksonville Beach, St. Augustine Beach and West Palm Beach, among others.
“We’ve been working with the community and the City of St. Petersburg for over 18 months to create a project that will give its residents, customers and neighbors the opportunity to enjoy a waterfront lifestyle in a location central to the region’s major demand drivers,” says Michael Vassilaros, Chief Investment Officer for Key International.
The soon-to-be-named development is set to break ground in 2023.
About Key International:
Key International is a full-service real estate firm bringing over 30 years of leadership and success in global investments and developments, with offices in Miami and Madrid. With a proven track record in generating excellent returns for partners, the firm specializes in real estate projects that improve customers’ lifestyles through great locations and quality product. This includes forward-thinking considerations for everyday life, work, convenience, entertainment, and leisure. Following these principles, Key International is one of the few real estate firms with the demonstrated ability to deliver success across multiple real estate classes – including condominium, hospitality, multifamily, and office. Such diversification is a cornerstone of its approach and serves to maximize future development and investment opportunities.
With over 10 million square feet in residential developments, notable projects include Eden Roc Resort Miami Beach, Marriott Stanton Hotel South Beach, 400 Sunny Isles, 1010 Brickell, and the master plan of Riverfront Community (a 13.5-acre gated community in Downtown Miami). Additionally, Key International manages over $1.5 billion in assets under its current hotel portfolio comprised of over 3,000 hotel units. Please see keyint.com for more information on the company and its portfolio.