The Residences at 400 Central secures $252 million construction loan
/Red Apple Real Estate, the developer behind The Residences at 400 Central, announced that the project has secured a $252 million construction loan and is set to go vertical construction.
The 46-story mixed-use development is slated for a 2.3-acre site at 400 Central Avenue in downtown St. Pete and will include 301 condominium residences ranging from one- to four-bedroom units along with 40,000 square feet of Class A office space, and 25,000 square feet of ground floor retail space.
The construction loan is being provided by Bank OZK, one of the nation’s most active construction lenders. While Bank OZK is based in Little Rock, Arkansas, it has a significant presence in St. Petersburg. Bank OZK Innovations Lab, the bank’s entrepreneurial and innovation hub, is based in downtown St. Petersburg.
In addition to residential units, the development will feature 40,000 square feet of Class A office space, and 25,000 square feet of ground floor retail space.
Bank OZK has previously provided a major construction loan for the construction of Water Street Tampa, a 50-acre district in downtown Tampa.
The construction loan for The Residences at 400 Central is likely one of the largest construction loans ever secured in St. Petersburg.
“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. “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, museum.”
At completion, The Residences at 400 Central will be the tallest building in downtown St. Petersburg as well as the tallest residential development on Florida’s west coast. The project has a total cost of over $400 million.
An expansive 7th floor deck will include a tropical resort-style pool, dog walking area, outdoor kitchens and dining areas, and a professional-grade fitness and wellness center.
“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.”
Suffolk Construction is the project’s general contractor and has been working toward vertical construction for several months.
Foundation work on The Residences at 400 Central began in October 2022 and Suffolk has installed 80 percent of the steel-reinforced concrete pilings which are up to 72 inches in diameter and upwards of 180 feet deep to support the structure.
With foundation work wrapping up, vertical construction is set to begin in March 2023.
FOUNDATION WORK IS WRAPPING UP AND VERTICAL CONSTRUCTION IS EXPECTED TO BEGIN IN MARCH 2023. This construction photo was taken in mid-2022.
Sales for the development have remained strong and are supported by a sales gallery at 465 Central Avenue, directly across from the construction site. Sarasota-based Michael Saunders & Company is leading sales for the project.
Pricing for residences in the building are expected to average well over $1 million with high-end finishes including 10-foot ceilings, floor-to-ceiling windows, spa-style bathrooms, gourmet kitchens with quartz countertops, stainless steel appliances, and European style cabinetry.
The finishes will be supported by a comprehensive amenity package including more than 35,000 square feet of modern, private indoor and outdoor amenities. An expansive 7th floor deck will include a tropical resort-style pool, dog walking area, outdoor kitchens and dining areas, and a professional-grade fitness and wellness center.
The building will also have an exclusive 46th floor Sky Lounge Observatory offering panoramic views of Tampa Bay and the Gulf of Mexico.
The 46th floor Sky Lounge Observatory will offer panoramic views of Tampa Bay and the Gulf of Mexico.
Construction is expected to be completed in late 2024 or early 2025.
Other partners working on the development include of Miami-based Arquitectonica as architect, NYC-based Celano Design Studio for interior design, St. Pete-based Clear Ph Design for branding and marketing.
For more information on The Residences at 400 Central, visit residences400central.com.
