St. Pete celebrates its tallest tower topping out

A bevy of current and former elected officials joined Red Apple Group leadership Monday to celebrate the topping out of what developer John Catsimatidis called downtown St. Petersburg’s Empire State Building.

The Residences at 400 Central will become St. Petersburg’s tallest tower at 515 feet when construction concludes in mid-2025. The event also allowed Catsimatidis, founder of the Red Apple Group, to recognize over 700 construction workers who have completed a new floor roughly every six days.

Three former mayors, current Mayor Ken Welch and myriad local civic and business leaders attended the topping-out ceremony. Catsimatidis, 76, said he is more focused on “beauty and accomplishment” at this stage than his bottom line.

“I’m proud, and the mayor is proud, of what we’ve built here,” Catsimatidis said. “They’ll be talking about it 50 years from now.”

Mayor Ken Welch (left) and John Catsimatidis, founder of the Red Apple Group, address attendees in front of a ceremonial steel beam.

The high-rise, which Catsimatidis compared to a ship cruising through the ocean, will soon reach its 46^th and final story. While the building is already the city’s tallest, crews have yet to finish the top three levels.

Red Apple’s leadership offered tours of the 38^th floor. Project manager Patrick Dwyer noted that residents in those end units could see the sun rise over Tampa Bay and set over St. Pete Beach from their balconies.

The tower offers expansive panoramas of the waterfront, Albert Whitted Airport, Mirror Lake and what will become the Historic Gas Plant District. Welch said the view highlights St. Petersburg’s inclusive progress.

“This is going to be such a gem for our downtown,” Welch added. “Before you ask, yes, there is adequate parking. And parking is needed as folks have found out the secret about living, playing and retiring in downtown St. Pete.”

The view looking towards Tropicana Field and St. Pete Beach.

The luxury, mixed-use condominium tower occupies a city block at 400 Central Ave. and features 301 residences and 60,000 square feet of ground-level restaurant and retail space. Ralph Zirinsky, senior vice president of development for Red Apple, said the firm is “actively talking” to several potential hospitality and service-based businesses.

“It’s generally a mix of local tenants and people who are already in the regional market,” he said. “We should have some announcements by the end of the year.”

The building will also provide 45,000 square feet of in-demand Class A office space. Councilmember Gina Driscoll believes landmark projects like 400 Central will spur future growth.

She said the city is already seeing that process unfold. A recently proposed mixed-use residential tower, reportedly a Waldorf Astoria-branded development, would soar 534 feet above nearby 2^nd Avenue South.

“The jobs that come with it are really what I’m looking at,” Driscoll said. “It’s exciting to see that progress.”

The view of St. Petersburg’s Mirror Lake neighborhood.

Units at 400 Central start at over $1 million. Penthouses encompassing more than 3,700 square feet top $5 million.

However, Councilmember Ed Montanari said the condominiums will increase St. Petersburg’s housing stock. That should help alleviate market pressure, and he believes “more inventory in a fast-growing city is always better.”

Montanari also noted that the city is “busting at the seams when it comes to a lack of office space.” He said that hinders financial growth.

Former Mayor Bob Ulrich led the city from 1987 through 1991. He said St. Petersburg desperately needed economic revitalization in the 1970s and 1980s, and his administration dedicated roughly $225 million to those foundational efforts.

“But one would have to be an extraordinary dreamer to see what has happened,” Ulrich said. “It’s impressive – almost beyond belief. This is typically a New York-type structure.

“We needed to achieve what we call economic vitality, and this is certainly a big part of that process.”

Zirinsky said sales at 400 Central remain brisk. While he declined to provide details until every unit has sold, Catsimatidis said roughly half the condos were available in May 2023.

Catsimatidis expects the development to attract residents from Northeastern cities who are “fed up” with subpar living conditions. He said St. Petersburg “feels a lot safer.”

From left: John Catsimatidis Jr., Margo Catsimatidis, John Catsimatidis Sr. and Andrea Catsimatidis.

Catsimatidis believes the building will bolster an already bustling Central Avenue’s hospitality and nightlife offerings. The Greek immigrant and billionaire became emotional when discussing how 400 Central would feature a statue dedicated to his wife’s parents.

Catsimatidis visited his in-laws in the area for decades before purchasing the property for $16.5 million in 2016. He will live in one of the tower’s penthouses part-time by next summer.

“We wanted something that Margo’s mother and father are going to look down on from above and be proud of us,” Catsimatidis said. “They’ve been trying to get me to invest in St. Pete for 40 years, and I’m happy I did. My only regret is that I didn’t invest sooner.”

The Residences at 400 Central should open in mid-2025. Rendering provided.