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Mattamy Homes Purchases Development Site In St. Petersburg From Keystone Development For $12.64M

Property Image
SOLD
$12,640,000

Florida

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Development Site
Sold 01/26/2026
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Property Image
SOLD

Mattamy Homes Purchases Development Site In St. Petersburg From Keystone Development For $12.64M

12000 Gandy Boulevard

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Development Site
Sold 01/26/2026
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

The property asset involved in this transaction is a 39-acre development site located at 12000 Gandy Boulevard in the St. Petersburg market. The sale price was $12,640,000. Mattamy Homes acquired 53 fully entitled townhouse sites in St. Petersburg’s Amara Bay Residences & Marina, with construction planned for townhomes ranging from 2,371 to 2,470 square feet, featuring 3 to 4 bedrooms starting in the $700,000s. The site is part of a mixed-use community that includes luxury apartments, a marina, and waterfront amenities.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $12,640,000
  • Buyer: Mattamy Homes
  • Seller: Keystone Development
  • Broker: Mark Eilers - Colliers
  • Date of Sale: 01/26/2026

Mark Eilers from Colliers represented the seller Keystone Development in this transaction. The deal highlights the ongoing development and investment in the St. Petersburg area, with plans for townhomes that cater to market demand for residential options within a comprehensive community framework.

Players

ME
Colliers
Mark Eilers
4 deals$18.4M volume
BROKER

Details

SOLD
IMAGE: 01/26/2026 ADDRESS: 12000 Gandy Boulevard MARKET: St. Petersburg ASSET TYPE: Development Site ~ ACRES: 39 BUYER: Mattamy Homes SELLER: Keystone Development BROKER: Mark Eilers - Colliers SALE PRICE: $12,640,000 NOTE: Mattamy Homes bought 53 fully entitled townhouse sites in St. Petersburg’s Amara Bay Residences & Marina for $12.64 million from Key Development, with Colliers brokering the transaction.Construction is set to begin soon on 2,371–2,470 sq. ft., 3–4 bedroom townhomes starting in the $700,000s, adding to the 39-acre mixed-use community that includes luxury apartments, a marina, and waterfront amenities.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$674,133.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$44,907.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,920.05
Annual Debt Service$719,040.58