Vertical construction is nearly complete for Red Apple’s 46-story condominium tower, The Residences at 400 Central, as crews have reached the 43rd floor with a new floor being added every six days.

New York billionaire John Catsimatidis Sr., founder of Red Apple Group, and select media members gathered at the tower site on Monday morning for a ceremonial topping out celebration.

“I wanted to build something in honor of Margo’s parents who’ve been coming to St. Pete for 40 years,” said Catsimatidis Sr. “My only regret is that I did not invest sooner.”

The 515-foot-tall building, which Catsimatidis Sr. referred to as the “Empire State Building of St. Pete”, is being constructed on a full city block in downtown St. Pete by Suffolk Construction. It will feature 301 luxury condo units, 60,000 square feet of ground-floor retail and restaurants, 45,000 square feet of Class A office space, and 900 parking spaces.

Once complete, 400 Central will be the tallest residential tower on Florida’s west coast.

The building will have an exclusive 46th-floor Sky Lounge and Observatory offering panoramic 360-degree views of Tampa Bay and the Gulf of Mexico.

Community amenities will contain more than 36,000 square feet of modern, private indoor and outdoor amenities. An expansive 7th floor deck will include a resort-style pool, dog walking area, outdoor kitchens, and dining areas, and a professional-grade fitness and wellness center.

Pricing for remaining residences in the building starts at 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.

To date, Red Apple has sold two-thirds of the units.

“With 301 condos, we are increasing the housing stock in St. Pete with different price points,” said Red Apple’s Director of Florida Operations Kevin King. “We are also very pleased with the amount of local buyers.”

Red Apple expects to complete construction on 400 Central by spring 2025.

Other partners working on the development include Miami-based Arquitectonica as architect, NYC-based Celano Design Studio for interior design, and St. Pete-based Clear Ph Design for branding and marketing. Sarasota-based Michael Saunders & Company is leading sales for the project.

Red Apple Group purchased the property for $16.5 million in 2017 and broke ground in 2021.

Historically, the 2.3-acre 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 until the building was demolished in 2016.

While the project marks Catsimatidis' first investment in the Sunshine City, the business mogul has repeatedly stated that it will not be his last.