The New York-based Red Apple Real Estate has secured $252 million in financing for the construction of its in-progress 46-story luxury residential tower in downtown St. Petersburg. Billionaire developer John Catsimatidis closed on a $252 million construction loan for The Residences at 400 Central, which is expected to mark the tallest tower on Florida’s Gulf Coast.
Catsimatidis’ New York-based Red Apple Real Estate secured the financing from Bank OZK, according to a press release. The Little Rock, Ark.-based lender has been busy in South Florida and other parts of the state recently, despite the slowdown in lending due to high interest rates and other economic pressures.
“It is very difficult to get any construction loan right now,” Mr Catsimatidis said.
“We are thrilled to be partnering with Bank OZK, as they are a leader in real estate finance nationally,” John Catsimatidis Sr., founder of Red Apple Real Estate and principal of the development company sponsoring the project, said in the release.
“They see the same opportunity we do in downtown St. Petersburg – a flourishing, artistic and walkable city on 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. Buyers from across Florida and beyond are looking here for their next home.”
Construction of the 1.3-million-square-foot St. Petersburg tower is expected to go vertical by March and be completed by early 2025, he said.
The foundation of the tower is complete and general contractor Suffolk Construction Company Inc. has installed 80% 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.
Arquitectonica designed the 46-story, 515-foot building, planned for a full city block in the city’s downtown.
The 1.3 million-square-foot project, which is currently underway, will include 301 luxury condominiums with views of downtown and the Gulf of Mexico, retail, restaurants, a rooftop terrace and up to 40,000 square feet of Class A office space.
About one third of the building’s condos are presold, Mr Catsimatidis said. Prices start in the $900,000s, according to the project’s website.
Mr Catsimatidis is said to have a residence in one of the amazing penthouses, of course!
