Red Apple Real Estate Secures $252 Million In Financing, Vertical Construction For St. Petersburg’s Tallest Building To Commence In March 2023

The Residences at 400 Central. Credit: Evolution Virtual.

Red Apple Real Estate has secured $252 million in financing for The Residences at 400 Central, a 46-story mixed-use building under construction at 400 Central Avenue in downtown St. Petersburg. Designed by Arquitectonica with WSP as the structural engineer and featuring interiors by Celano Design Studio, The Residences at 400 Central will become the tallest building in the city and on the gulf coast at approximately 515 feet, yielding 1.3 million square feet of space including 301 luxury condominiums with views of Tampa Bay and the Gulf of Mexico, retail and restaurant space, and upwards of 40,000 square feet of Class A office space. Suffolk Construction is the general contractor for the project, which is scheduled to go vertical in March 2023. 

Financing will be provided by Bank OZK, one of the nation’s most active construction lenders, having recently participated in developments such as Water Street Tampa and other high-quality, complex projects in cities across the United States. The financing arrangement comes amid substantial progress on site. Suffolk Construction, alongside as the foundation contractor, has already installed 80 percent of the steel-reinforced concrete pilings that are up to 72 inches in diameter and upwards of 180 feet deep to support the new structure. 

Construction as of December 2022. Photo from Google Maps.

Construction as of December 2022. Photo from Google Maps.

“We are thrilled to be partnering with Bank OZK, as they are a leader in real estate finance nationally,” said John Catsimatidis Sr., founder of Red Apple Real Estate and principal of the development company sponsoring The Residences at 400 Central. “They see the same opportunity we do in downtown St. Petersburg – a flourishing, artistic, and walkable city located on Tampa Bay with fantastic weather, a plethora of restaurants, shops, and museums – all in close proximity to the Gulf beaches, fishing, golf courses and a host of outdoor and indoor recreational and cultural activities. Buyers from across Florida and beyond are looking here for their next home.”

“Bank OZK is pleased to partner with the talented team at Red Apple Real Estate on a transformative project like The Residences at 400 Central,” said Greg Newman, Managing Director of Originations at Bank OZK. “This highly attractive development will have a positive impact on the Tampa Bay region and its residents, and we are excited to help bring it to life.”

The Residences at 400 Central. Rendering courtesy of Evolution Virtual.

The Residences at 400 Central. Credit: Evolution Virtual.

301 condominiums will range from one to four-bedroom floorplans with a selection of custom penthouse units. Residents will have access to more than 35,000 square feet of indoor and outdoor amenities including a luxurious lobby with on-site concierge services, an on-site, secured residential parking garage with valet, a private dining room with a bar set-up, a resort-style pool deck with an outdoor kitchen and dining area with barbeque grills, an indoor/outdoor, professional-grade fitness and wellness center, private coworking spaces and a board room, a theater lounge with large TV screens and plush seating, climate-controlled indoor storage lockers, and bicycle storage, and a dog walking area. The 46th floor will feature a glass-enclosed sky lounge observatory. As the first of its kind in St. Petersburg, 400 Central’s staff will include a dedicated lifestyle coordinator who will activate the amenities by organizing and scheduling exercise classes; mahjong and bridge games; fishing, bicycling, walking, and beach outings, as well as social activities. 

Michael Saunders & Company is facilitating sales of condominiums. Clear ph Design is handling marketing and branding for the development. Renderings are courtesy of Evolution Virtual. Langan Engineering is the project’s civil engineer.

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1 Comment on "Red Apple Real Estate Secures $252 Million In Financing, Vertical Construction For St. Petersburg’s Tallest Building To Commence In March 2023"

  1. I thought it was in Russia.

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