Tampa Bay Business Journal Feature by Breanne Williams
Developer says he may raise prices at The Residences at 400 Central following $250M in sales
Billionaire developer John Catsimatidis Sr., founder of Red Apple Real Estate, said they may soon be raising the prices for the remaining condominiums at The Residences at 400 Central, the luxury tower coming to downtown St. Petersburg.
Catsimatidis was joined on Oct. 28 by Mayor Ken Welch and development officials Saturday for a tour of the construction site to mark a major milestone for the project. They have now passed more than $250 million in sales, more than $50 million of which were placed under contract in the last six weeks.
“I am yelling and screaming because my people down there are selling the apartments too cheap,” Catsimatidis told the Tampa Bay Business Journal. “The fact is we have sales at almost $300 million, and it’s going very fast. People love it. St. Pete has come a long way.”
The $400 million tower will have 301 luxury condominiums and amenities, 60,000 square feet of commercial space and 45,000 square feet of office space. A sales gallery launched by Red Apple and Michael Saunders & Co. in October 2021 is located across from the site at 465 Central Ave.
He said he hasn’t raised the prices yet but that they will go up. He referenced similar condos in Naples that were sold for two or three times more. He said he doesn’t believe he’ll keep the prices where they are for long.
Red Apple and general contractor Suffolk Construction Co. broke ground on the 46-story tower — which spans an entire block downtown — in October 2021. Construction has now reached the 11th floor.
The tower will be the tallest residential building on the west coast of Florida. The 46th floor will have the Sky Observatory, which will offer residents views of downtown and Tampa Bay.
Catsimatidis said they hope to have residents moving in by spring 2025.