Red Apple secures $250M construction loan for 400 Central tower in downtown St. Pete
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 6, 2023

New York-based Red Apple Real Estate has secured a $252 million construction loan from Bank OZK for The Residences at 400 Central in downtown St. Petersburg.

The 46-story mixed-use residential tower will have 1.3 million square feet of interior space, including 301 luxury condominiums, shops, restaurants and approximately 40,000 square feet of Class A office space.

John Catsimatidis Sr., founder of Red Apple Real Estate, said they chose Bank OZK because itis a “leader in real estate finance nationally.”

“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, museums — all in close proximity to the Gulf beaches, fishing, golf courses and a host of outdoor and indoor recreational and cultural activities,” Catsimatidis said in a release. “Buyers from across Florida and beyond are looking here for their next home.”

The tower will encompass an entire block in downtown St. Petersburg. The approximately $400 million mixed-use tower will be 515 feet tall and have views of Tampa Bay and the Gulf of Mexico. It is expected to be the tallest residential building on the west coast of Florida.

The Residences at 400 Central’s condominiums will range from one- to four-bedroom floorplans and include several custom penthouse homes. The development will have more than 35,000 square feet of private indoor and outdoor amenities, including a dedicated lifestyle coordinator who will organize events like exercise classes, fishing, bicycling, walking and beach outings, mahjong and bridge games and other social activities.

General contractor Suffolk Construction Co. has already installed 80% of the massive steel-reinforced concrete pilings that support the new structure, according to a release. Vertical construction is expected to begin by March.

Red Apple and Michael Saunders & Co. launched the sales gallery at 465 Central Ave. in October 2021.

“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,” Greg Newman, managing director of originations at Bank OZK, said in a release.