The real estate market in Florida, and especially St. Pete, has fared well despite COVID-19 challenges. In fact, Florida has continued to see an influx of new residents as people flee high-tax states such as California and New York.

Additionally, and perhaps surprisingly, St Pete Rising is not aware of any proposed developments in St. Pete that have been cancelled due to the virus. However, many projects have experienced delays as stakeholders decided to wait until the dust settled before reanalyzing market conditions.

Due to the global slowdown in travel, many developers have seen it difficult to secure financing for new hospitality construction. As a result, many planned hotels are being reconfigured for other uses, such as apartments or office.

Downtown St. Pete’s next skyscraper has moved one step closer to breaking ground. Earlier today, Red Apple Real Estate submitted a site plan application to the city for a major development at 400 Central Avenue.

Although announced back in 2016, the project has undergone multiple design iterations. According to the submitted site plan, the development will be anchored by a 45-story condo tower situated next to a 20-story hotel. 400 Central is expected to eclipse the current tallest skyscraper in Pinellas County, a 41-story ONE St Petersburg, which was completed in 2018.

The condo component will consist of approximately 300 one to four bedroom residences with wrap-around balconies and magnificent water views. The residential tower’s first-class amenities will include an expansive landscaped sundeck (with a pool, outdoor kitchen, dining space and dog park), a fitness center, spa and lounge. The orientation of the residential tower will allow for views of both Tampa Bay and the Gulf of Mexico.

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.