Place
400 Central developer closes on new St. Pete property
The developer behind the Residences at 400 Central, downtown St. Petersburg’s tallest building, has officially acquired his next – but not last – local property for $13 million.
New York-based Red Apple Real Estate closed on the .94-acre parcel Friday afternoon. The now-vacant lot is at the corner of 5th Street and 3rd Avenue North, across from the historic Mirror Lake Community Library.
John Catsimatidis Sr., founder of the Red Apple Group, recently pledged to complete the deal before the new year. When asked Monday when construction might commence on the new development, he said, “It’s asap to me.”
“If I have it my way, next week,” Catsimatidis said of the timeline. “And it’s walking distance from me when I move down there.”
An aerial view of the now-vacant property at 533 5th St. N. (right, center). Photo by Mark Parker.
Red Apple received entitlements for a previously approved 23-story mixed-use development. Las Vegas-based Hyperscale, formerly BitNile Holdings, purchased the property for $15.5 million in January 2022.
The site once housed seven apartment buildings built between 1916 and 1921. Hyperscale received approval to build a 23-story tower with 10,006 square feet of commercial space, 285 units and a 282-space parking garage in May 2022.
The company proposed a 27,950-square-foot building. However, documents show downtown zoning permits up to 39,186 square feet and with a 300-foot height limit.
Catsimatidis plans to build according to the maximum square footage allowed. Red Apple will research the current entitlement and discern “any adjustments on the upside that might be available.”
The property at 233 5th Street encompasses five parcels less than a quarter mile north of 400 Central. Publicly traded Hyperscale demolished the previous structures in January before construction stalled.
The company announced Oct. 3 that it decided to sell the site and looked forward to the “ultimate development of the property and the contributions to the St. Petersburg region.” Catsimatidis said the surrounding neighborhood and proximity to 400 Central made it an ideal location for his next project.
City council members approved a long-discussed historic designation for the neighborhood Thursday evening. The initiative will establish new developmental protections and design standards.
Efforts to create a historic district began in 2019 after officials approved a previous plan for the site. While its boundaries include 233 5th Street, the designation does not impact properties with construction entitlements.
“That doesn’t affect our square footage and height,” Catsimatidis said. “We love historic stuff. Don’t forget, I’m the guy that wants to put back the plot that was there 100 years ago.”
He believes the project will help connect the neighborhood to the downtown waterfront. St. Petersburg’s culinary scene has recently flourished, and Catsimatidis said the development’s commercial space could house “some good restaurants.”
The site’s previously approved plan called for contemporary architecture, large storefront windows and awnings that project over the public sidewalk. City documents note the “U-shaped tower has an additional setback from the streets, so as to not overwhelm the pedestrian realm.”
Hyperscale worked with St. Petersburg’s Urban Planning and Historic Preservation department to ensure the building was compatible with neighboring “potentially eligible and locally designated landmarks, which are located within 200 feet of the subject property.” Red Apple could tweak the design but will likely avoid significant changes that would void property entitlements.
“Don’t forget, my middle name is ‘wow.’” Catsimatidis said. “We want a building that says, ‘Wow, I want to live there.’”
Red Apple is close to selecting “a few tenants” to occupy 400 Central’s 60,000 square feet of restaurant and retail space. Ralph Zirinsky, senior vice president of development, expects to announce those businesses in early 2025.
Catsimatidis said the firm will continue searching for additional opportunities in the area. “This does not stop us,” he said of his second St. Petersburg project.
Zirinsky said he hopes the Mirror Lake development “accelerates” Red Apple’s local presence. “We’re going to open a full office down in St. Pete,” Catsimatidis added.
“We look forward to signing another one in the near future.”
The previously approved project included over 10,000 square feet of street-level commercial space.
Darren E Ginn
December 18, 2024at11:25 am
This developer wants to own as much of St. Pete as possible and it’s all about the rich getting richer at the expense of overdeveloping a hip downtown fighting to retain its cool vibe.
Steve D
December 16, 2024at10:55 pm
Until you do anything as fabulously successful as him, your complaints and disrespect falls on deaf ears.
John Donovan
December 16, 2024at8:45 pm
Mr. Catsimatidis is planning to build a large and tall building on one acre. 1 acre! Creating many jobs in the interim. And increasing the local tax base. I’ve previously lived in a single family home in a neighborhood of homes on one acre lots. His building is in a city downtown. Mine was a far suburb of a major metro with hundreds of years of history. We paid property taxes annually. Were we monsters? Respondents might consider employing others and taking a stake in St Petersburg themselves. There will be benefits! And the opportunity to pay property tax that benefits all residents.
RITA SEWELL
December 16, 2024at4:59 pm
I guess now we will see if there are enough human beings to wait tables and to serve customers and all the high-end places, but St Petersburg is planning on having. Especially in light of the fact that the new administration wants nothing to do with people who are not legal. It seems that every time I turn around a restaurant is opening a restaurant is closing. AI wait staff, prep cooks and bus staff anyone?