Work has begun on Waterways Apartments and Marina, a 39-acre waterfront development, in north St. Pete, set to bring over 470 rental units to Gandy Boulevard.
Miami-based Key International is behind the project, which includes 324 apartments and 53 townhomes, along 3,000 feet of water frontage. Plans also feature an 8,000-square-foot waterfront restaurant, a marina, with 130 wet slips, and 20 dry stack slips, a bait shop and a public boardwalk, with exercise paths and a kayak launch. Residents will have access to two resort-style pools, a clubhouse, pickleball and basketball courts, a volleyball court, a playground and a recreational field.
Initially planned as Snug Harbor, the site has seen multiple redevelopment proposals, since 2009, including a potential Tampa Bay Rays stadium. Key International acquired the land, in 2022, for $19 million and adjusted its plans, increasing the unit count using Florida’s Graywater Statute, which grants density bonuses for developments incorporating water reuse technology.
To address the coastal high-hazard location, the project includes reinforced seawalls and all-concrete construction. The six, four-story apartment buildings and nine blocks of two-story townhomes will feature garage parking—one-car garages for apartments and two-car garages for townhomes.
Vertical construction is set to begin in May, with pre-leasing expected by late 2026. The development team includes MSA Architects, Central Site Development and Strategic Group.
