Red Apple Group doubles office space in 400 Central tower, scraps hotel rooms for now
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 4, 2021

The New York developer behind an ambitious proposal in downtown St. Petersburg says they've made a few tweaks to the project in the wake of Covid-19.

Red Apple Group, controlled by billionaire John Catsimatidis, said Thursday that it is doubling the amount of office space in 400 Central to 45,000 square feet and scrapping plans for hotel rooms in the project for now.

The 46-story 400 Central includes two towers atop a parking structure. The hotel rooms were slated for the shorter tower, which will now have more office space.

The developer said it plans to add two additional floors of parking for non-residents and expand the street-level retail space — "all of which are important to the economic development of downtown St. Petersbug."

Initially, the tower was to include 300 luxury condos; a 223-key full-service boutique hotel with more than 15,000 square feet of meeting and event space; 25,000 square feet of retail and restaurant space along Central Avenue; and more than 20,000 square feet of office space.

The office market in downtown St. Petersburg has been exceptionally tight for years, and adding more office space has been a priority for Mayor Rick Kriseman's administration.

"As we continue our analysis of market conditions, we have decided to put our plans for the hotel component of the project on hold, while keeping the option open," Red Apple said in a statement. "We are steadfast believers in downtown St. Petersburg, and we are excited to be moving ahead with the project. We plan to open a residential condominium sales gallery at 465 Central Avenue soon; and plan to begin construction later this year.”

In August, Catsimatidis told the Business Journal that he thought his project could capitalize on an exodus from the Northeast, where Covid-19 regulations have been far more strict than those in Florida.