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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A former parking lot near Historic Kenwood is now home to Burlington Post II, a 75-unit affordable apartment community for seniors.
A ribbon-cutting ceremony was held last Wednesday to celebrate the opening.
Every apartment at the five-story building at 3295 Burlington Avenue North is income restricted, and the property must remain affordable for at least 50 years.
For some of its first residents, the move followed rising rents that made their previous homes increasingly difficult to afford.
Tabari Lewis, community manager with Royal American Management, said in a conversation with St. Pete Rising that many residents learned about Burlington Post II through friends, family, and city housing services while searching for a more affordable place to live.