400 Central Developer Closed on $252 Million in Construction Financing from Bank OZK
Foundation construction already underway for 46-story St. Petersburg tower
(ST. PETERSBURG – January 6, 2023) – The Residences at 400 Central is pleased to announce that it has secured $252 million in financing for the construction of the 46-story mixed-use residential tower in downtown St. Petersburg. The financing will be provided by Bank OZK, one of the nation’s most active construction lenders, having recently participated in developments such as Water Street Tampa and other high-quality, complex projects in cities across the United States.
The Residences at 400 Central will create a new neighborhood in the center of downtown St. Petersburg, with 1.3 million square feet of interior space that includes 301 luxury condominiums with views of Tampa Bay and the Gulf of Mexico, plus shops, restaurants and upwards of 40,000 sq. ft. of Class A office space.
The Bank OZK financing arrangement comes amid substantial progress on site. The project general contractor, Suffolk Construction Company Inc., has already installed 80 percent 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. With the foundation complete, vertical construction of the tower is scheduled to commence by March 2023.
“We are thrilled to be partnering with Bank OZK, as they are a leader in real estate finance nationally,” said John Catsimatidis Sr., founder of Red Apple Real Estate and principal of the development company sponsoring The Residences at 400 Central. “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. Buyers from across Florida and beyond are looking here for their next home.”
“Bank OZK is pleased to partner with the talented team at Red Apple Real Estate on a transformative project like The Residences at 400 Central,” said Greg Newman, Managing Director of Originations at Bank OZK. “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.”
A state-of-the-art sales gallery across from the site at 465 Central Avenue was established by Red Apple and Michael Saunders & Company this past October and is continuing the ongoing process of facilitating the sales of luxury condominiums.
With 301 condominium homes, ranging from one to four-bedroom floorplans and a selection of custom penthouse homes, the Residences at 400 Central will soar 515 feet above downtown St. Petersburg’s vibrant Central Avenue. This world-class, full-service, residential tower boasts more than 35,000 square feet of modern, private indoor and outdoor amenities. As the first of its kind in St. Petersburg, 400 Central’s staff will include a dedicated lifestyle coordinator who will activate the amenities by organizing and scheduling exercise classes; mahjong and bridge games; fishing, bicycling, walking and beach outings, as well as social activities.
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