New details have emerged on a 39-acre planned mixed-use residential development on Gandy Boulevard.
Miami-based real estate firm Key International purchased several parcels at 12000 Gandy Blvd. last week in a combined $19 million all-cash deal.
“It’s rare to find a large tract of land with so much waterfront,” Michael Vassilaros, chief investment officer for Key International, said to the St. Pete Catalyst. “Our portfolio is heavily weighted in waterfront projects. Over time, we’ve performed very well with our waterfront hotels and condo projects. With this property, we see the ability to do a waterfront rental development and to hold this asset for the long-term rather than selling it as a condo project.”
Vassilaros said the firm discovered the property several years ago through a Colliers’ listing. Construction for the soon-to-be-named development is expected to commence in 2023.
Last year, the Catalyst first reported Key International was planning to develop the 39 acres, at the southeast corner of Gandy Boulevard and Snug Harbor Road.
With the now-secured site, Key International has unveiled renderings and further details on the future waterfront mixed-use community, including a marina and restaurant concept.
The development will encompass 3,000 linear feet of prime water frontage and will feature 324 waterfront apartment units and 52 rental townhomes.
Vassilaros said the two-story townhomes will line a three-acre lake, which will also be used as a water retention site, and the apartments will be located along the waterfront.
“By code, we could only build up to a certain height of buildings, which would typically impact the waterfront views, but because of the large frontage, we can offer a significant percentage of the views for those who want the waterfront living lifestyle,” he said.
The notable growth in the St. Petersburg-Tampa metro also led to Key International’s decision to invest in the area.
An 8,000-square-foot waterfront restaurant, for which a tenant has not yet been selected, will sit adjacent to a public dry stack marina and wet slips lining the project.
Vassilaros said the team is currently working on the approval for the slips, but said residents and restaurant visitors would be able to anchor watercraft there.
Amenities for the community include two resort-style pools, a clubhouse, a volleyball court, a basketball court, pickleball courts, a playground and a recreational field.
There will also be a boardwalk lined with exercise paths and a kayak/paddleboard launch area.
Key international has developed over 10 million square feet of residential units and has a $1.5 billion hotel portfolio. The group developed the dual-branded Residence Inn and SpringHill Suites hotel in Clearwater Beach.
The project team includes engineering consultant North Carolina-based Kimley-Horn and Associates Inc., South Florida-based MSA Architects, Tampa-based surveyor MRIC Spatial and Fort Lauderdale-based Architectural Alliance Landscape as the landscape architect.