Places This Week: Red Apple tower progress; Marriott sells

A weekly roundup of local real estate deals.

Construction of Red Apple Group’s 400 Central project progresses to next phase

Red Apple Group’s 46-story residential condo tower at 400 Central will now enter the next phase of construction. 

The Suffolk Construction Co. team spearheading the construction of the development, dubbed The Residences at 400 Central, kicked off construction of the permanent foundation for the new 301-unit downtown tower, which will be the tallest tower in the city at 515 feet high.  

The construction site at 400 Central Avenue. Image provided.

The team was able to progress to the next step after the initial site work and extensive underground testing were completed. The project site did not sustain any damage during Hurricane Ian. 

“400 Central is not within a flood zone and was located in a Non-Evacuation Zone. In preparation for the recent hurricane, the team at Suffolk Construction Co. lowered and secured all construction equipment,” a press release read. 

The foundation elements will be drilled, and then filled with steel reinforcing and high-strength concrete, rather than being pounded into the ground – minimizing the disturbance to the project’s downtown neighbors. Crews are drilling a series of 89 cylindrical drilled foundation shafts, ranging from 48 inches in diameter and 87 feet deep to six feet in diameter and 166 feet deep to support the tower, according to the release. 

A rendering of The Residences at 400 Central. Rendering: Red Apple Real Estate.

“We are using the absolute state-of-the-art technology in construction for this iconic condominium tower,” John Catsimatidis Sr., founder of Red Apple Real Estate, said in a statement. “We have deep family ties to the St. Petersburg community, and I am thrilled to see work underway to create a special new community in the vibrant city center.”

This first stage of foundation construction is expected to be completed in the next few months. Above-ground construction is scheduled to begin in early 2023. The entire project is projected to be completed within three years. 

At completion, it will encompass 1.3 million square feet of interior space, Class A office space, restaurants and a rooftop observatory. 

Downtown St. Petersburg Marriott hotel sells

The Courtyard by Marriott St. Petersburg Downtown hotel has sold for $26.1 million. 

The nearly 70,000-square-foot hotel at 300 4th St. N. in St. Petersburg sold to an LLC connected to Atlanta-based real group The Radco Companies. 

The Courtyard by Marriott St. Petersburg Downtown hotel pictured on the right. GoogleMaps.

The buyer, Radco, specializes in multifamily and hospitality. 

The 128-room historic structure was built in 1926. It neighbors the Bay Plaza Hotel and is across from the Museum of the American Arts and Crafts Movement. 

The hotel has a fitness center and a 24-hour heated outdoor pool, and houses the Bistro restaurant. 

Innisbrook multifamily project to be built 

A proposed project, dubbed Innisbrook Multifamily, is in the planning stages to be built west of US Highway 19, with Fox Chase Boulevard to the south and Colonial Boulevard W. to the north. 

The site is near the iconic Innisbrook Resort and is next to HCA’s Lake Tarpon emergency department. 

Site plan of the Innisbrook Multifamily project. Image: Southwest Florida Water Management District.

The site is made up of three parcels with Pinellas County-owned Bee Pond Road right-of-way separating the two southern parcels from the northern parcel. 

The site plan shows four buildings, including an amenity center and garages. 

The developer is Tampa-based Johnson Development. 

Group behind Cortland Satori Apartments takes out $89.4 million loan

Grand Ave. FL Partners LLC has assumed a $89.4 million mortgage loan from the GIM Commercial Mortgage Loan Fund LP for the luxury Cortland Satori Apartments. 

The apartment complex at 3110 Grand Ave. in Pinellas Park is operated by Cortland Partners and was developed by Atlanta-based Davis Development in 2020. 

The Cortland Satori apartments. GoogleMaps.

Davis Development recently built the mixed-use Pearl Founders Square in Naples and is building The Row Waterside apartment complex in Lakewood Ranch.

A representative with Cortland Partners said the loan will help stabilize the property in November. 

Cortland Satori was a two-phase project. Phase 1 was completed in 2021 and Phase 2 was completed in 2022. The management takeover and rebranding from Cortland Partners started in April 2021 while the ownership of the property has not changed, according to Cortland. 

The property has a total of 471 units. Phase 2 is 171 units and are in the final leasing stage. 

The Spanish Castle estate lists 

The estate at 7003 Park St. South known as The Spanish Castle is now for sale with a listing price of $3.326 million.

The 5,374-square-foot estate, built by the renowned builder Samual Schooley in the 1920s, sits on nearly a full acre of land in Old Pasadena and boasts a large garden and pool. 

The estate at 7003 Park St. South known as The Spanish Castle. Photos: Smith and Associates Real Estate.

The owners have maintained much of its original architecture and renovated the kitchen.

An original 1880s draper and table from a silk factory in Lyon, France serves as an island in the kitchen while there’s a new Viking appliance suite and custom cabinets. The kitchen remodel was featured in Cottages and Bungalows Magazine (in the October/November 2022 edition), according to the listing. 

The estate at 7003 Park St. South.

The home also features a tasting room, wine storage and a dining room with original Cuban tile floors, chandeliers and French doors.

The estate at 7003 Park St. South.

There’s also a billiards room with an antique wet bar, fireplace and Saltillo tile floors.

The primary suite upstairs comprises an entire wing and offers a private tea garden, wood-burning fireplace and a large ensuite bath. There is also access to a private balcony in the fountain courtyard, the listing read. 

The estate at 7003 Park St. South. 

The property last sold in 2017 for $860,000. 

Glen Richardson with Smith and Associates Real Estate is representing the sellers.

St. Pete Beach waterfront apartments sell

The Sand Cove Apartment Homes on St. Pete Beach has sold in a $22 million deal. 

United Fidelity Bank sold the apartments at 3813 Gulf Blvd. to an LLC connected to Steve Delaney, the first vice president at CBRE known for his specialty in restaurants. 

The Sand Cove Apartment Homes on St. Pete Beach. Loopnet.

Delaney was not immediately available for comment. 

The 72-unit complex is on the Intracoastal directly across the street from St. Pete Beach. The community was built in 1973 with five-story concrete block construction, including concrete subfloors. Sand Cove is the largest multifamily property on St. Pete Beach with water views from every unit, according to Loopnet. 

The pet-friendly complex has a swimming pool and dock with beach access.

The buyer assumed a $17.535 million mortgage from the seller, according to public records. 

Publix to be redeveloped in Clearwater Plaza

The Publix Super Market at Clearwater Plaza, on the northeast corner of the intersection of South Missouri Avenue (Alt. US 19) and Lakeview Road, will be demolished and redeveloped.  

The project entails removing and replacing the existing building, creating additional vehicle use areas and parking, revising the existing stormwater management pond to allow for the drive-through pharmacy lane, and adding a second stormwater management pond south of the new building, according to a stormwater application. 

The Publix Super Market at Clearwater Plaza site. Image: SWFWMD.

The demolition of the 47,307-square-foot building includes the liquor store. 

The Lakeland-based grocer is known to demolish older stores and build anew. 

CWH Real Estate Partners is the developer for the project.