Residences at 400 Central Celebrates More Than a Quarter Billion Dollars in Condominium Sales – Including $50 Million in Six Weeks
Hard contracts include several expansive penthouse residences.
Developer now opening discussions for Class A office and retail/restaurant spaces.
St. Petersburg – October 30, 2023 – Developers of the dramatic new The Residences at 400 Central are celebrating the milestone of more than $250 million in sales of residential condominiums in the 46-story tower overlooking downtown St. Petersburg and the waters of Tampa Bay. Those sales include more than $50 million worth of condominiums placed under contract in the last six weeks. Amid the wave of recent sales at 400 Central is an expansive penthouse that recently sold for $5.23 million.
Construction of the tower portion of the project has reached above the 11th floor and the podium portion is getting underway. The project occupies a full city block along the Central Avenue corridor.
“The word is out about this iconic project,” said John Catsimatidis Sr., founder of Red Apple Real Estate and principal of the company that is sponsoring development of The Residences at 400 Central. “Our sales have come from across Florida, the Northeast, the Midwest and the West. This project is especially meaningful to me, as St. Petersburg is so close to my heart and my family’s heart.”
Mr. Catsimatidis visited the project this weekend and hosted a tour of the construction site and future restaurant spaces with St. Petersburg Mayor Ken Welch and city development officials. 400 Central condominium buyers, construction officials and neighbors were also in attendance.
“It was a pleasure to visit The Residences at 400 Central construction site and meet with its visionary, John Catsimatidis,” Mayor Welch said. “400 Central’s significant retail and office space and future tax revenue will provide benefit to our entire community, making it more than just another condominium. I am especially appreciative of John’s efforts to preserve history through the restoration of the site’s pedestal clock, and his philanthropic spirit that reaches all corners of St. Pete.”
Mr. Catsimatidis has deep family ties to the St. Petersburg community. John’s wife Margo is a St. Petersburg native, and the Catsimatidis family has been visiting St. Petersburg for more than 40 years. John and Margo have supported a number important of community initiatives, including artistic elements of the St. Pete Pier, the Poynter Foundation, the Greek and Russian Orthodox Church, the St. Petersburg Museum of History, the Holocaust Museum, the Dali Museum, and Florida CraftArt.
When complete, the 46-story building is anticipated to become the tallest residential building on the west coast of Florida and include 301 luxury condominium homes, plus ground-floor retail and restaurants, as well as Class A office space. The resident’s only Sky Observatory on the 46th floor offers residence owners the opportunity to enjoy views from the highest point in St. Petersburg.
In addition to brisk sales of condominiums, Red Apple opened discussions with prospective retailers and restaurant operators that could occupy the ground floor of the new building. Retail opportunities are available along the entirety of Central Avenue as well as Fifth Street and First Avenue South. When complete, the 60,000 square feet of retail at 400 Central will create new amenities and destinations for downtown St. Petersburg.
For companies looking to locate their operations in the heart of St. Petersburg, 400 Central will have approximately 45,000-square feet of Class A office space atop the building podium that is fully serviced with parking, state-of-the-art data and connectivity, private commercial elevator access, flexible floorplans and views overlooking Central Avenue and Fifth Street. The 400 Central commercial space will become a premiere corporate destination for downtown St. Petersburg.
“We have been in touch with a number of prospective tenants who want to expand or move to Florida, and who feel 400 Central is the perfect location to open their restaurant or business,” Catsimatidis said. “We are looking for a destination restaurant that will be something truly special and elevates the dining experience in St. Petersburg.”