400 Central Ave

In 2016, John Catsimatidis acquired a 2-acre lot on Downtown St Pete’s 400 block for $16.5 million. “St. Pete needs a skyline,” said the Greek-American billionaire as he announced plans to construct the tallest in Pinellas County on the site. 

The proposal called for a 50-story tower filled with around 325 condominiums, 200 hotel rooms, and ground-level retail.

While the tower may still become the county’s tallest, it won’t soar quite as high as initially planned. “Because of the proximity to the flight paths from Albert Whitted Airport, we needed to reduce the height of the building,” said Ralph Zirinsky, Development Manager at Red Apple.

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.

The fourth quarter of 2016 saw an enormous amount of progress on many of Downtown St. Pete's active developments.  The demolition of the "cheese grater" building at 400 Central Ave concluded.  The Rowdies launched an official campaign to join the MLS, which included an expanded Al Lang Stadium.  A new site plan was approved for 801 Central, which now includes a 15 and 7-story apartment building and ground-level retail.

Also, a few projects broke ground including Bainbridge 930 Central Flats, and retail along 1st Ave S that will house an Orangetheory Fitness and a yet-to-be-determined restaurant.  

Additionally, AER Apartments and The Hermitage Apartment Homes started leasing, which helped to relieve the extremely low apartment occupancy rates that Downtown St. Pete has grown accustomed to over the past few years. 

Looking to the future, we should see the groundbreaking of a few notable projects this coming quarter including The Brownstones, 801 Conway, The District on 9th, and the Museum of the American Arts and Crafts Movement.

Lastly, be sure to check out Downtown St. Pete's first, second, and third quarter development updates of 2016 to see how your favorite projects have progressed!

Downtown St. Pete has experienced an overabundance of construction over the past three months.  It's nearly impossible to walk through downtown and not run into a construction site.  For starters, the demolition of the "cheese grater" building at 400 Central Ave begun. In the EDGE District, The District on 9th townhouses were announced and the site of Bainbridge 930 Central Flats started to undergo site preparation in anticipation for new apartments and retail.  Also, The Chihuly Collection completed their move from Beach Drive to 720 Central Ave.  We cannot wait for these projects to be complete, but for now we hope you enjoy this quarter's photo update!

Less than a week after the 400 block of Central Avenue went under contract, a preliminary render has been released showing the location’s development potential.

Last Friday, it was revealed that Red Apple Group of New York City is planning on buying the 400 block containing the recognizable "cheesegrater" building for an undisclosed price.