400 Central developer Red Apple Group acquires Mirror Lake tower site in downtown St. Pete
/The 0.94-acre site is located in downtown St. Pete’s Mirror Lake neighborhood | Red Apple /aMY mARTZ
New York-based developer Red Apple Real Estate has closed on the purchase of a 0.94-acre parcel in downtown St. Petersburg.
The acquisition comes weeks after the company told St. Pete Rising it was under contract to purchase the site at 233 5th Street North. The purchase closed on December 13th for $13 million — $200,000 lower than the previously announced price of $13.2 million.
The sellers acquired the property in December 2021 for $15.5 million.
The Mirror Lake property, located at the corner of 5th Street North and 3rd Avenue North, was previously approved to be developed into a 23-story mixed-use tower containing 285 apartments and 10,000 square feet of retail space.
A rendering of the previously approved 23-story tower at the mirror lake site | City of St. Petersburg
Red Apple Real Estate has yet to finalize plans for the property but noted that it could be either a multifamily rental or condominium building.
The property sits across the street from the bounds of the recently approved Mirror Lake Historic District.
“I love St. Petersburg and love that we are contributing to its skyline and economy with high-quality residential and mixed-use developments that we can all be proud of. St. Pete needs more housing and this project near Mirror Lake will be a beautiful place to live,” said John Catsimatidis, Sr., Chairman and CEO of the Red Apple Group in a statement.
Currently, Red Apple is under construction on the Residences at 400 Central, a 46-story condominium tower at 400 Central Avenue in downtown St. Pete.
The building is currently the tallest building in St. Petersburg and is expected to be completed in 2025.
Stay tuned to St. Pete Rising for more details on Red Apple Real Estate’s Mirror Lake development as they are announced.
