The Red Apple Group, the developer of The Residences at 400 Central, has officially started selling units of the planned 46-story, mixed-use condominium tower in downtown St. Pete.
The New York billionaire John Catsimatidis Sr. of the Red Apple Group purchased the property at 400 Central Ave. several years ago to develop the $400 million, 301-unit luxury condominium tower – which will be the largest condo on the west coast of Florida and the tallest structure in St. Pete.
On Wednesday, the Red Apple Group also announced the opening of its sales gallery at 465 Central, directly across from the project site, and shared new renderings of the project that will change St. Pete’s skyline.
“This is a project that I went to look back on and be proud of,” Catsimatidis told the St. Pete Catalyst.
Catsimatidis previously told the Catalyst in an exclusive interview that he plans to live in a penthouse of the condo as he is fully invested in continuing work in the community. He would commute between New York and St. Pete.
He explained his wife’s mother and stepfather, who moved to St. Pete 40 years ago, convinced him to invest in St. Pete “before it was too late,” and he did just that.
Site work for the development, which will occupy a whole city block, is expected to start this fourth quarter. A ceremonial groundbreaking is scheduled on Oct. 18.
The entire project, which includes office space and retail, is slated to be completed within three years.
The condominium homes will offer one-to-four-bedroom floorplans as well as a selection of custom penthouse homes. Pre-construction pricing starts at $800,000 for the condo units.
“The reservations have doubled or tripled than what we thought and at higher prices than what we projected,” he said.
Red Apple Group appointed Michael Saunders & Company as the exclusive sales and marketing agent for the project.
Residents of the 400 Central tower will have access to over 35,000 square feet of private indoor and outdoor amenities. The amenities include a Sky Lounge Observatory located on the 46th floor that offers views of Tampa Bay, a wellness center, co-working space, a boardroom, a theater room, and a private dining room and entertainment area. Outdoor amenities on the seventh floor include an expansive rooftop terrace with resort-style pool and spa, a putting green, a bocce court, an outdoor kitchen, a dog walking area and a fire pit.
The condos are being designed by internationally renowned Miami-based architectural firm Arquitectonica.
Catsimatidis said the Class A office space that’s planned is flexible anywhere from 20,000 to 80,000 square feet, as the initial plans for a boutique hotel have been scrapped.
“A few banks have mentioned it [taking office space in the tower], insurance companies too – so it’s a high-end level of interest,” he said regarding anchor tenants. “Even before the Covid-19 pandemic, companies were sending employees to Florida.”
There will be residential parking and ground-floor retail space, which has been expanded to allow more than 20,000 square feet of retail. The retail space has not yet been advertised, but the group expects to have a wide range of retailers with a mix in sizes.
The development site was the former home of the Phiel Hotel and the Central National Bank Building, both of which were demolished in 2016. The site was dormant for some time before the Red Apple Group was able to acquire it.
“I am so excited for the Red Apple Group to be taking this next important step in their project. It wasn’t that long ago that we demolished a long-empty building in downtown, and John and the Red Apple team came in with what promises to be an extraordinary addition to our downtown,” St. Pete Mayor Rick Kriseman said in a statement to the Catalyst.
It’s likely that The Residences at 400 Central won’t be the sole project the Red Apple Group will create or be involved in.
“All my life when opportunity knocks, I answer. We are interested in Florida overall. We always continue to invest in places where have operations in first and foremost,” Catsimatidis said. “For instance, we spent $1 billion in Brooklyn, then we spent another $1 billion there and we are considering spending more.”
The state-of-the-art sales gallery on Central Avenue features interactive displays and advanced digital systems providing visitors with an opportunity to immerse themselves in the units and amenities. Private appointments allow potential buyers to browse floorplans and review pre-construction pricing. An ultra-realistic scale model of the building stands at the front of the Sales Gallery facing Central.