Developer plans $120 million tower near Eckerd College

A prolific local developer plans to build a 12-story luxury condominium tower on the last significant vacant property along the Pinellas Bayway in St. Petersburg. 

Reza Yazdani’s $120 million, environmentally resilient project will sit within Marina Bay, an upscale gated community adjacent to Eckerd College. The Marina Bay Residence will feature 96 units with views of Boca Ciega Bay and the Gulf beaches. 

Yazdani has developed the 67-acre Marina Bay community over the past two decades. He will submit his latest plans to the city’s Development Review Commission in early October and hopes to break ground in the spring of 2026. 

“I’m hoping we can create a landmark, because you have a lot of traffic on that road coming from the beaches and going to the beaches,” Yazdani told the Catalyst. “Something that they can turn their head and say, ‘Wow, look at that building.’” 

Yazdani, who has developed over $2 billion in projects throughout Tampa Bay and Florida, acquired the land for Marina Bay from Eckerd in 2003 for an undisclosed sum. The community now features 187 low-rise condominiums, garden-home villas and single-family homes. 

Residents have access to 15 acres of lakes, two heated pools, two spas, a clubhouse, a fitness center, a fishing pier and a deep-water marina with 43 docks along nearly 2,000 feet of the Intracoastal Waterway. 

Yazdani, who lives in Marina Bay, said just 10 of its 187 units remain unsold. He built it with “the knowledge that we are on the water, storms are going to come through Florida sooner or later, and it’s the highest quality construction you can get your hands on.” 

The community escaped Hurricanes Helene and Milton with “zero issues of any kind.” Yazdani expressed pride to see the number of cars in Marina Bay double during the storms, due to “people bringing their families there because they trust what I have built for them.” 

Reza Yazdani believes the condo tower will help meet “incredible demand for homes in Marina Bay.” Photo: Homes.com.

Marina Bay Development IV LLC purchased an additional five-plus acres for $7.75 million in September 2024. Yazdani’s company now holds the only remaining land off the Bayway with residential zoning that is suitable for a tower. 

“It’s really like living in a park,” he said. “That was the whole idea – you live very close to downtown but away from the downtown living.” 

Marina Bay Residence will offer concierge and valet services. Residents will also have a rooftop amenity area, a resort-style pool with a lounge and a fitness and business center. 

Yazdani said there is space for a “little bowling alley, if we wanted to have a really fun place for people to get together … and enjoy each other’s company.” 

A water feature with fountains and lighting will border the building. A new pond will connect to Marina Bay’s lakes and, ultimately, Boca Ciega Bay. 

The project also includes a 250-space parking garage. Yazdani will dedicate about 100 to other Marina Bay residents – and the adjacent assisted living facility and nursing home – to use during hurricanes. 

Yazdani, who noted his philanthropic efforts, said he is a “builder with a big heart.” While he has “nothing to do” with the neighboring facilities, Yazdani noticed that people fled the storms because they were concerned about leaving their vehicles in a low-lying surface parking lot. 

He also thought about Marina Bay residents inviting their families to stay in the resilient community. Yazdani wanted to do “something good, creative and free of charge” with the new tower’s elevated parking garage. 

Marina Bay Residence units will encompass 1,500 to 3,050 square feet. Eight two-story, four-bedroom penthouses will sit atop the condominiums. 

The development team will configure Marina Bay’s primary entrance and enhance it with 24-hour security. ITI Construction LLC, which Yazdani also controls, will serve as the project manager. 

He enlisted Clearwater-based civil engineering firm Anderson Lane Inc. and Tampa’s BDG Architects to assist on the project. The three firms also worked on Marina Bay. 

Yazdani said he strives to invest in the local economy and help his project partners become better companies. “And all that positive communication among residents, contractors and suppliers has really helped to make Marina Bay what it is.” 

The community’s homes align with FORTIFIED standards, a set of guidelines developed by the Insurance Institute for Business & Home Safety to make residential and commercial buildings more environmentally resilient.

Yazdani will ask the DRC to approve a variance that increases the parcel’s maximum allowable building height from 85 to 150 feet. He noted that the nearby condominium towers at Point Brittany were allowed to reach 175 feet. 

Yazdani said the additional height would allow him to dedicate the parking spaces to non-residents and offer additional amenities. “I don’t know of any other place where you could have this kind of waterfront acreage right by the freeway and be able to go anywhere you want to, from Sarasota to Tampa.”