New York's Red Apple will invest its next $1 billion in Florida development, founder says
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 3, 2022

Manhattan-based Red Apple Real Estate is entering a new chapter, and founder John Catsimatidis Sr. said his next billion in development will be spent in Florida.

The company has hired Kevin King, who recently served as chief of staff to former St. Petersburg Mayor Rick Kriseman, as director of business development for Florida. Catsimatidis said the goal is for King to help the company expand its footprint throughout the state, starting in Tampa Bay.

“A lot of people in the Northeast are saying enough is enough and are making the move to Florida,” Catsimatidis told the Tampa Bay Business Journal. “We think there’s going to be a tremendous move from the North to the South. Until New York straightens up, the next billion Red Apple will spend will be in Florida, not New York.”

Citing his discontent with crime in the city, Catsimatidis said until criminals — which he said are getting off time and again despite a history of former offenses — are taken off the streets, New Yorkers will continue to look for an “escape button.” The tax relief offered in Florida, along with its weather and welcoming community, has made it the obvious destination for transplants, according to Catsimatidis.

Red Apple broke ground in October on The Residences at 400 Central, a 46-story condominium tower in the heart of downtown St. Pete, and Catsimatidis purchased a penthouse in the facility for him and his family to make “one of their primary residences.” The condos are priced from $800,000, and the project will also include 45,000 square feet of office space and ground-floor retail and restaurants. Sales have already exceeded $150 million in the first 90 days.

King, who has been in his role for just over a week, already has a small office across from the construction site and is diving in deep to the Florida market to carry out Catsimatidis’ vision. Currently, his role includes searching for development opportunities anywhere from the panhandle to the Florida Keys while also acting as the liaison between Red Apple and the city for 400 Central.

Though the net is cast wide — King was looking at a potential property in the Keys just this week — he said Tampa Bay is undoubtedly a focal point for the group.

“I’m starting in my backyard and not limiting it to that, but this is the place to start,” King said. “This is the place the Red Apple Group is most interested in. It’s a great market, it’s growing, and Mr. Catsimatidis already has deep roots in the community. So, we are starting in Tampa Bay and keeping an eye on the rest of the state.”

Catsimatidis said as far as the type of development ahead, he’s “willing to do anything that makes sense,” whether that be market-rate condominiums, rentals, office space, affordable housing, or other nontraditional forms of investment. He said he is “looking at every possible deal” and is ready to commit to beginning to craft Red Apple’s legacy in the Sunshine State.

King said his background in government adds a unique perspective to the team and his passion for smart growth made the transition from City Hall to director of development a productive switch. Catsimatidis said the goal is to continue growing the team and establish a larger office — more than likely in St. Pete — once the company has several Florida projects in the works.

Currently, King said his focus is entirely on finding the next project for Red Apple to undertake. From there, he said the sky is the limit on what the company will do in Florida. Catsimatidis said politicians in Florida are pro-development and pro-business and that he’s eager to work with people who “like to help us” versus the current process in New York where it “takes forever to even get permits.”

Though all of Florida is under the spotlight, King said Catsimatidis’ love of Tampa Bay makes it a high priority for their group.

“There’s a real commitment being involved in the community, and he is committed to making a home here,” King said.