John Catsimatidis is preparing something big. Something that himself, his family and his children will be proud of. The 75 year old founder and CEO of the "Red Apple" breaks ground on the tallest residential building on Florida’s Gulf Coast.
New York billionaire purchased the 2.3 acre property at 400 Central Ave. several years ago to develop a 49-story, 301-unit luxury condominium tower in downtown St. Petersburg. The foundation will be put in next month, and the building is on schedule to be complete in two years.
Groundbreaking of St. Petersburg development today! pic.twitter.com/7TeqjDuYlQ
— John Catsimatidis Jr (@johncatsjr) October 18, 2021
"I want to build something that I’m proud of, that my family will be proud of, that my kids are going to be proud of,” Catsimatidis said. “I’m building it, so I want it to be beautiful and iconic." The $400 million mixed-use development will also include 45,000 square feet of office space, 60,000 square feet of retail space and residential and non-residential parking. "It’s going to have an observation deck so you can go all the way up on the 47th or 48th floor and look at the stars, look at the moon and fall in love again,"Catsimatidis said.
Catsimatidis said the building’s progress is on schedule, and, now that people have adjusted to life amid the pandemic, he expects the project to move quickly. There is already an interest in the condos from New Yorkers who want a change in life, Catsimatidis said. St. Petersburg feels safer, and the weather is sunny for most of the year, he said.
