This article has been updated to clarify details unknown at date of original posting.
In the heart of Downtown St. Pete at 400 Central Avenue, a 2-acre plot of land sits ready for development. Historically, this site was home to the Pheil Hotel and Central National Bank building which spurred commerce along Central Avenue in the 1950s. In the 1960s, an aluminum facade was added to the buildings which prompted locals to refer to it as the “cheese grater” building. By 2006, the complex was abandoned and remained that way for over a decade.
Then in 2016, the site was put up for sale and in July of that year, it was announced that John Catsimatidis, a Greek-American businessman from New York City with deep family ties to St. Petersburg, would purchase the entire city block at 400 Central Avenue for redevelopment. Among Mr. Catsimatidis’ businesses is the Red Apple Group, a real estate company.Read More