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Tampa Bay-Lakeland
Business Observer Tuesday, Feb. 1, 2022 4 months ago

90 days in, sales at 46-story St. Pete luxury tower top $150 million mark

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Construction at 400 Central has just begun and sales team seeing interest locally and nationally
by: Louis Llovio Commercial Real Estate Editor

ST. PETERSBURG — Developers of 400 Central, expected to be the tallest residential tower on the Gulf Coast of Florida, have topped the $150 million mark in sales in the first 90 days.

The milestone comes just as construction on the tower is beginning, with initial infrastructure work to prepare for the foundation of the 46-story tower underway. This includes relocating utilities under the property and removing underground obstructions.

The building is going up on a 2.3-acre site on Central Avenue and 4th Street South, property which once housed the cheese grater building.

Sales crews, though, have been working since October at a sales gallery at 465 Central Avenue, across from the building site. The gallery, according to a statement from the developers announcing the sales mark, includes interactive displays as well as digital systems that allow potential buyers “an opportunity to immerse themselves in the 400 Central lifestyle experience.”

Michael Saunders, founder of Michael Saunders & Co., which runs the sales gallery, says in the statement that “the last few months have seen a whirlwind of interest in this exceptional residential tower.” That interest, she says, is both from Florida and from across the country.

The property is being developed by The New York-based real estate firm Red Apple Group. The firm is owned by John Catsimatidis, a colorful New York billionaire who counts among his holdings the New York City supermarket chain Gristedes and who has twice run —unsuccessfully — for mayor of the city. Forbes lists his worth at $3.7 billion.

When complete, the condominium tower will include 301 one- to four-bedroom units, an observatory on the 46th floor and several penthouses along with 35,000 square feet of amenities and a “dedicated lifestyle coordinator.” In addition to the residences, the property will include 45,000 square feet of retail and office space.

While the property’s sales website does not disclose how much units cost, developers have previously said prices will start at $800,000.

 

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