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Red Apple Group has decided for now to nix the hotel component of its planned 45-story tower at 400 Central Ave. in downtown St. Petersburg, after analyzing “market conditions” likely brought on by the COVID-19-inspired drop in urban lodging.
In place of the planned 20-story, 225-room hospitality component, which was to be flagged as a four-star, Marriott Autograph Collection hotel, Red Apple intends to double the project’s office space to 45,000 square feet, add two floors of non-residential parking and additional ground-floor retail space.
“As we continue our analysis of market conditions, we have decided to put our plans for the hotel component of the project on hold, while keeping the option open,” says Red Apple Chairman and CEO John Catsimatidis, in a statement.
The New York-based real estate firm adds it intends to open a condominium sales center near the 2.3-acre downtown site soon and begin construction later this year, Catsimatidis says.
The changes to the project, being designed by Miami-based Arquitectonica, will not affect the 300 upscale condominiums planned there.
Red Apple, which acquired the site in April 2017 for $16.5 million, hopes to deliver its 400 Central project in 2023. The building will be the tallest in St. Petersburg and among the tallest along the Gulf Coast.
Red Apple’s move comes as apartment developer Greystar is pushing ahead with a 172-room AC by Marriott hotel in its 36-story Ascent St. Petersburg tower on First Avenue North downtown.
That $117 million project, which will feature 354 rental units along with retail space and parking, is now under construction and also is slated for completion in 2023.
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