Developer Closes on Land for Gandy Boulevard Project

Developer Key International has purchased several parcels of land for a total of $19 million in an all-cash transaction.  The site is for a mixed-use development proposed in Northeast St. Petersburg that would bring a 376-unit multi-family community with 324 waterfront apartment units and 52 rental townhomes, restaurant and new Marina. The townhomes will circle a three-acre lake.  The development, which would feature 3,000 linear feet of waterfront footage, is separated into two parcels, a southern parcel and northern parcel.  The southern parcel would contain 256 residential units and 225 wet slips for residents.  The residential units will offer 56 two-story townhomes and 200 units in five-story multi-family buildings.  The northern parcel would feature 120 residential units contained in two five-story buildings, an 8,000 square foot restaurant, a 37,800 square foot high and dry public marina building with 200 dry slips, and 45 wet slips for public use.  Community amenities will include a clubhouse, pool, playground, recreational field, public boardwalk and kayak launch.  The construction timeline has not been announced.

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