Place
Red Apple under contract to buy Mirror Lake property
The developer behind the Residences at 400 Central, downtown St. Petersburg’s tallest building, plans to build a new tower overlooking nearby Mirrror Lake.
City officials previously approved plans for a 23-story mixed-use development at the corner of 5th Street and 3rd Avenue North. However, construction stalled at the .94-acre site across from the historic Mirror Lake Community Library.
John Catsimatidis Sr, founder of New York-based Red Apple Group, has frequently pledged that 400 Central would not be the only area development. He told the Catalyst that those plans were underway Saturday.
Kevin King, director of Florida operations for Red Apple, confirmed Tuesday afternoon that the location was the Mirror Lake assemblage currently owned by a subsidiary of bitcoin mining company Hyperscale Data.
“As Mr. Catsimatidis alluded to recently, we are under contract to acquire this exciting piece of land near beautiful Mirror Lake in the heart of the Sunshine City’s downtown,” King said in a prepared statement.
The previously approved project included over 10,000 square feet of street-level commercial space.
Las Vegas-based Hyperscale, formerly BitNile Holdings, purchased the property for $15.5 million in January 2022. City documents state the site once housed seven apartment buildings encompassing 97 units and built between 1916 and 1921.
Hyperscale received approval to build a 23-story tower with 10,006 square feet of commercial space, 285 housing units and a 282-space parking garage in May 2022. The property’s parcels include 233 5th Street, 231 ½ 4th Street, 249 5th Street, 420 3rd Avenue and 442 3rd Avenue North.
The ownership group demolished the structures in January. However, publicly traded Hyperscale announced Oct. 3 that it decided to sell the site to a “large, New York-based real estate firm.”
The announcement states that the decision “aligns with the previously announced reorganization efforts and the company’s desire to streamline operations and create a pure-play data center business.” In a prepared statement, CEO Michael Horne said the company was “excited to have reached an agreement for the sale of our St. Petersburg development property, marking a milestone for new growth and investment in the region.”
The announcement noted the company “is confident in the purchaser’s ability to close the transaction and looks forward to the ultimate development of the property and the contributions to the St. Petersburg region.”
Catsimatidis also expressed confidence in completing the transaction. “We’re committed to closing the deal before Dec. 31, but we’ll do it before that,” he said Saturday.
John Catsimatidis Sr., founder of the Red Apple Group, surprised children with gifts Saturday at the St. Petersburg Police Athletic League. Photo by Mark Parker.
Red Apple would avoid an arduous and often contentious approval process by not disregarding the previously approved plans. King noted Saturday that the firm was under contract to purchase “an exciting piece of fully entitled land.”
Catsimatidis said his new project would be “almost as big” as 400 Central, which recently peaked at 49 stories and 515 feet. City documents show he can build up to 300 feet on the Mirror Lake property under the current agreement.
In addition, Hyperscale proposed a 27,950-square-foot building. Documents show downtown zoning permits up to 39,186 square feet.
“We have a beautiful downtown,” King said Tuesday. “Mirror Lake is a gem – and we think the development will serve the residents well.”
The previously approved site plan called for contemporary architecture, large storefront windows and awnings that project over the public sidewalk. Documents note that 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 Division to ensure the building’s design was compatible with abutting “potentially eligible and locally designated landmarks, which are located within 200 feet of the subject property.” Staff recommended approval, as they did with a proposed 25-story project in 2005 and a 21-story development in 2018.
The Red Apple Group is entitled to build up to 300 feet.
RITA SEWELL
November 20, 2024at5:23 pm
Ah yes another bit of the Big Apple 🍎 in our fair city.
Steve D
November 19, 2024at7:02 pm
James, why are you yelling? Please turn off your all-caps. If you really care that much about the design of what gets built there, then buy the property do what you want with it.
james gillespie
November 19, 2024at4:20 pm
RED APPLE HAS THE EYE AND APPROVAL OF THE CITY BY BUILDING TIERED WEDDING CAKES WITH MULTI USE ASPECTS. NOT ALL ARE EXCITED BY THE SKY CASTLES. TO BAD THE LATE AUTHOR JOHN MACDONALD WHO WROTE CONDOMINIUM IS NOT ALIVE TO PASS A FEW JUDGMENTS.