|Foundation construction already underway for 46-story St. Petersburg tower|
|(ST. PETERSBURG – January 6, 2023) – The Residences at 400 Central is pleased to announce that it has secured $252 million in financing for the construction of the 46-story mixed-use residential tower in downtown St. Petersburg. The financing will be provided by Bank OZK, one of the nation’s most active construction lenders, having recently participated in developments such as Water Street Tampa and other high-quality, complex projects in cities across the United States.|
The Residences at 400 Central will create a new neighborhood in the center of downtown St. Petersburg, with 1.3 million square feet of interior space that includes 301 luxury condominiums with views of Tampa Bay and the Gulf of Mexico, plus shops, restaurants and upwards of 40,000 sq. ft. of Class A office space.
The Bank OZK financing arrangement comes amid substantial progress on site. The project general contractor, Suffolk Construction Company Inc., has already installed 80 percent of the steel-reinforced concrete pilings that are up to 72 inches in diameter and upwards of 180 feet deep to support the new structure. With the foundation complete, vertical construction of the tower is scheduled to commence by March 2023.
“We are thrilled to be partnering with Bank OZK, as they are a leader in real estate finance nationally,” said John Catsimatidis Sr., founder of Red Apple Real Estate and principal of the development company sponsoring The Residences at 400 Central. “They see the same opportunity we do in downtown St. Petersburg – a flourishing, artistic and walkable city
“Bank OZK is pleased to partner with the talented team at Red Apple Real Estate on a transformative project like The Residences at 400 Central,” said Greg Newman, Managing Director of Originations at Bank OZK. “This highly attractive development will have a positive impact on the Tampa Bay region and its residents, and we are excited to help bring it to life.”
|A state-of-the-art sales gallery across from the site at 465 Central Avenue was established by Red Apple and Michael Saunders & Company this past October and is continuing the ongoing process of facilitating the sales of luxury condominiums.|
With 301 condominium homes, ranging from one to four-bedroom floorplans and a selection of custom penthouse homes, the Residences at 400 Central will soar 515 feet above downtown St. Petersburg’s vibrant Central Avenue. This world-class, full-service, residential tower boasts more than 35,000 square feet of modern, private indoor and outdoor amenities. As the first of its kind in St. Petersburg, 400 Central’s staff will include a dedicated lifestyle coordinator who will activate the amenities by organizing and scheduling exercise classes; mahjong and bridge games; fishing, bicycling, walking and beach outings, as well as social activities.
To receive more information, please register at residences400central.com or email firstname.lastname@example.org. To download high-resolution images, click here.
|400 Central 400 Central is a transformative, approximately 1.3 million square foot development in the heart of St. Petersburg, Florida that will include a 46-story condominium tower with 301 luxury homes, ground-floor retail and restaurants as well as Class A office space. The tower is being developed by New York-based Red Apple Real Estate. The design team is led by the internationally renowned architectural firm Arquitectonica. For more information, please register atresidences400central.com or email email@example.com|
Red Apple Red Apple is a diversified, family-owned group of companies led by John Catsimatidis. Red Apple’s real estate arm, Red Apple Real Estate (RARE), develops and manages mixed-use properties that feature luxury living options with convenient, neighborhood retail elements. Over the past decade RARE has completed numerous residential development projects, which collectively encompass nearly 1,400 residential apartments and 70,000 square feet of retail space. RARE also manages a significant portfolio of commercial and retail space owned by Mr. Catsimatidis. Red Apple’s substantial energy portfolio include a 70,000 plus barrel per day medium complexity oil refinery in western Pennsylvania, a 5-million-barrel deep water petroleum storage facility in Eastern Long Island, fuel oil distribution in the great New York metro area and over 370 gas stations and convenience stores. The company also has interests in an aviation business and supermarkets. Collectively, Red Apple has almost 10,000 employees.
BankOZK Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended September 30, 2022, RESG originated approximately $39.33 billion in new loans. For more information, visit www.ozk.com .
Michael Saunders & CompanyIn its 45th year of innovative service to Southwest Florida, Michael Saunders & Company is the top independent real estate company in the region with a network of 24 full-service real estate offices—with nearly 700 agents and 200 support team members spanning the Gulf Coast region. International brokerage affiliations with Leading Real Estate Companies of the World, Luxury Portfolio International, and Mayfair International Realty extend the company’s message to qualified buyers globally. Headquartered in Sarasota, Fla., Michael Saunders & Company affords customers the most comprehensive range of real estate services in the Southwest Florida marketplace. These include mortgage, title, insurance and relocation services, a new homes and condominiums sales division and a commercial real estate division. A philanthropic arm, the MSC Foundation, gives back to Gulf Coast community organizations via donations from agents and staff. For more information about Michael Saunders & Company, please call 1-888-552-5228 or visit michaelsaunders.com.