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.