Owner of waterfront condo in St. Pete buys nearby vacant land for potential expansion
By Henry Queen
Tampa Bay Business Journal
Published: Oct 1, 2024

An expansion may be in the works for a master-planned condominium community on Boca Ciega Bay.

Marina Bay, located in St. Petersburg just west of Eckerd College, purchased a nearby vacant parcel on Harbor Way North for $7.75 million from an entity associated with Healthcare Trust Inc., according to a Pinellas County deed.

Florida-based ITI Financial, the developer of Marina Bay, has wanted to build a new condo tower on the property for almost 20 years, according to legal documents.

In early 2024, Marina Bay Development IV LLC filed a legal action against the Healthcare Trust subsidiary for the third time in eight years following negotiations between the two companies. Marina Bay sought over $50,000 in damages for an alleged misrepresentation of the owner's willingness to sell the land.

Healthcare Trust — which also owns the adjacent assisted living facility Addington Place at College Harbor — terminated a previous purchase agreement in 2017, according to the legal action.

Marina Bay's lawsuit was dismissed on Sept. 24 in connection with the sale.

The property last sold for $13.8 million in 2014, according to property records. Before that, Eckerd College sold it for $5.25 million in 2005.

A legal filing from 2019 said Marina Bay plans to build a tower between 10 and 12 stories. The owners couldn't be reached for comment.

Marina Bay currently features townhome villas, condominium units and single-family homes. Construction on the gated development began in the 1990s.