400 Central developer Red Apple Group acquires Mirror Lake tower site in downtown St. Pete
/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.
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As St. Petersburg adds apartments, condos, and offices, the City is trying a new approach to help ensure the artists and galleries that helped shape downtown are not priced out of it.
City Council unanimously approved an arts funding development bonus on August 27th, creating a new way for developers to support local artists and arts organizations while pursuing additional building space for their projects.
For local arts advocates, the vote brought the City one step closer to creating a dependable source of funding for artists and arts organizations.
“The holy grail for the arts community in St. Pete has been to find a sustainable funding source to support the arts,” said Paul Carter, a downtown resident and member of the City’s Arts Advisory Committee.
The policy is not a change that will allow developers to build more densely than they could before. Instead, it adds another option to the City’s existing selection of floor area ratio, or FAR, bonuses.
FAR is a zoning measurement that determines how much total building space can be constructed on a site relative to its land area. In certain zoning districts, such as downtown, the City already allows developers to earn FAR bonuses by providing public benefits that support community priorities.