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Developer says he may raise prices at The Residences at 400 Central following $250M in sales

The Residences at 400 Central: An Iconic Development in St. Petersburg's Real Estate Landscape

In the heart of downtown St. Petersburg, a new luxury tower is rising that promises to redefine the city's skyline. The Residences at 400 Central, spearheaded by billionaire developer John Catsimatidis Sr. and his firm, Red Apple Real Estate, is currently under construction. With sales exceeding a whopping $250 million, there's more to this development than meets the eye.

The Tower's Vision and Magnitude

Having reached an impressive milestone, with over $250 million in sales - $50 million of which was contracted in just the past six weeks - Catsimatidis reflects on the project's success. "The fact is we have sales at almost $300 million, and it’s going very fast. People love it. St. Pete has come a long way,” he remarked during a recent tour of the construction site alongside Mayor Ken Welch and other development officials.

The tower, with a projected cost of $400 million, will comprise 301 luxury condominiums, bolstered by a plethora of amenities. This isn't just a residential building; it will also offer 60,000 square feet of commercial space and 45,000 square feet of office space. Its sales gallery, inaugurated in October 2021 by Red Apple in collaboration with Michael Saunders & Co., stands proudly across from the construction site at 465 Central Ave.

Unprecedented Heights and Views

Destined to be the tallest residential building on Florida's west coast, this 46-story behemoth will span an entire city block downtown. The crown jewel will undoubtedly be its 46th floor Sky Observatory, gifting residents with unparalleled vistas of downtown St. Petersburg and the expansive Tampa Bay.

The construction progress is noteworthy too. Since breaking ground in October 2021, the tower has already reached its 11th floor. Catsimatidis is optimistic about the project's timeline, anticipating residents to start moving in by spring 2025.

Drawing Buyers from Afar

The appeal of The Residences at 400 Central isn't limited to Florida residents. Catsimatidis shared that buyers from regions like the Midwest and New York are showing keen interest, many of whom are drawn to Florida's tax-friendly environment. Furthermore, its strategic location outside a flood zone makes it an attractive proposition for Gulf Coast residents wary of storm evacuations.

Catsimatidis humorously contrasts St. Petersburg's climatic appeal with Miami: “It’s sunny 361 out of 365 days in St. Pete, and you’ve only had two hurricanes in a hundred years. Why go to Miami, where you get two hurricanes a week?”

A Promising Commercial Future

While the residential units are garnering attention, Catsimatidis and his team are also focusing on the commercial potential of the ground floor, which spans Central Avenue, Fifth Street, and First Avenue South. Plans are underway to lease spaces to premier restaurants and retailers. “We are looking for a destination restaurant that will be something truly special and elevates the dining experience in St. Petersburg,” Catsimatidis commented.

A Long-Term Commitment to Florida

Red Apple's commitment to Florida is unwavering. After promoting Kevin King as the director of Florida operations, Catsimatidis expressed intentions to invest another $1 billion in Florida's development. He envisions constructing at least three or four additional buildings in Florida over the next half-decade, emphasizing the state's allure due to its favorable tax environment and safety. “I like the St. Pete/Tampa area, and we’re going to concentrate on that,” he affirmed.

In conclusion, The Residences at 400 Central is not just another real estate project; it's a testament to St. Petersburg's growth, potential, and allure as a premier residential and commercial destination. As Catsimatidis rightly puts it, opportunities in Florida are ripe for the taking, and he's more than ready to seize them.

Ready to Experience Luxury Living in St. Petersburg?

The Residences at 400 Central is a shining example of the luxury and innovation sweeping through the St. Pete/Tampa area. If you're considering making a move to this vibrant community or are looking for unparalleled expertise in the luxury and new construction market, look no further.

Robb Luxury Home Group is at the forefront of the luxury real estate market in the Greater Tampa Area. Our technology-driven approach combined with a deep commitment to serving with integrity ensures you'll find not just a house, but a home that's a perfect fit for you.

Contact the Robb Luxury Home Group today and let us guide you through a seamless, professional, and tailored real estate experience.

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Robert is your go-to Real Estate Broker Associate at SERHANT., where we redefine Global Luxury. From expansive golf course estates to exclusive waterfront havens and everything in between, Robert merges cutting-edge marketing strategies with a classic, high-touch service approach, ensuring every transaction is handled with unparalleled discretion and integrity.

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