Red Apple Real Estate is adding office space, retail shops and restaurants to its project in downtown St. Petersburg.
The New York-based firm submitted a site plan application for the planned development in the 400 block of Central Avenue and said groundbreaking is expected in 2020, pending approvals from appropriate agencies.
“This will be a destination where people can live, visit, work, and play,” said John Catsimatidis, Red Apple founder.
Catsimatidis initially told the St. Pete Catalyst about his plans for a $250 million to $300 million high-rise condo and hotel in January. The project has evolved since then. He said he listened to city leaders who were eager for more office and event space.
The current development cost is about $300 million, a spokesman said. Catsimatidis intends to retain ownership of the project’s hotel, retail and office components, the news release said.
Key elements of the development are:
• A 45 story, luxury condominium tower with approximately 300 one-to-four bedroom residences. All the units will have views of Tampa Bay or the Gulf of Mexico and wrap-around balconies, and the residential tower will have first-class amenities including a sundeck with a pool and a dog park, a fitness center, a spa and a lounge.
• A 225 room, luxury, full-service hotel with over 15,000-square-feet of banquet/meeting space and a rooftop pool with casual dining area. The flag hotel has not yet been formally announced, but it’s expected to be part of the Marriott portfolio.
• More than 25,000-square-feet of retail, stores and restaurants along Central Avenue and 4th Street North. Developers have not yet said if any tenants have been signed.
• About 20,000-square-feet of Class A office space with a dedicated entrance off of Central Avenue.
There also will be more than 800 parking spaces.
Florida-based architectural firm Arquitectonica is designing the project. Smith & Associates Real Estate will be the exclusive listing agent for the residential condominium units.
Catsimatidis lives in New York, but has family in St. Petersburg and said he’s watched it become “one of America’s most exciting cities.”
“This project will make both St. Petersburg and Red Apple proud by further enhancing what already is a vibrant downtown,” he said.