Bayline Group’s 456-Unit Marinova at Coquina Key Nears Groundbreaking in St. Petersburg

• Bayline Group is moving toward construction on Marinova at Coquina Key, a 456-unit mixed-use project at 575 45th Ave. S. in St. Petersburg.
• The 14.5-acre redevelopment will include nine four-story residential buildings and about 21,000 square feet of retail.
• The city has approved a sitework permit and six multifamily construction permits totaling $44.2 million, with groundbreaking expected by the end of 2026 or early 2027.

What Bayline Group Is Building At Coquina Key

Bayline Group is preparing to transform the former Coquina Key Plaza site into a new residential and retail community in South St. Petersburg. The project will deliver 456 multifamily residences across nine four-story buildings. Three buildings will contain 72 units each, while the remaining six will have 40 units apiece. Bayline currently lists the project as fully entitled and permitted.

 

What The Retail Component Adds For Landlords

Marinova will include approximately 21,000 square feet of retail across two buildings fronting the residential portion of the development. Planned uses include restaurants, boutique shops and a pet grooming business. Current leasing materials show retail spaces ranging from roughly 1,307 square feet, with several larger spaces and restaurant endcaps available. The retail will have frontage along 6th Street South and 45th Avenue South, giving future tenants visibility from two major streets. For retail landlords and brokers, the project creates a built-in customer base of hundreds of new households. The leasing materials also cite an average household income of about $110,557 within one mile of the property.

 

 

What The Construction Timeline Means

Bayline acquired the development site through SWD Coquina Key LLC for $8.9 million in 2021. The latest permitting activity suggests the project is now much closer to construction, with six multifamily permits totaling $44.2 million. Construction is expected to begin near the end of 2026 or in early 2027. Current commercial listings identify the retail component as a proposed 2027 development, with spaces marketed for future occupancy.

What The Project Means For South St. Petersburg

Marinova represents a significant redevelopment of a former retail property, replacing an underutilized site with a larger mixed-use community. The project's scale is also notable for the South St. Petersburg market. 456 apartments plus roughly 21,000 square feet of retail will create a new residential population and additional demand for neighborhood-serving businesses. For investors and landlords, the key story is the combination of housing and retail on one site. As Bayline moves toward groundbreaking, Marinova could become a significant new residential and commercial hub in South St. Petersburg.