Red Apple Group buys coveted St. Petersburg parcel for $16.5 million – Tampabay.com

New York developer Red Apple Group closed on a $16.5 million deal for a coveted St. Petersburg land parcel Thursday.

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The 2-acre 400-block lot, which is presently vacant, is predicted to accommodate a 41-story residential constructing and different combined-used area. It will be among the many tallest skyscrapers within the space.

"We're all trying ahead to what the Red Apple Group is planning," Mark Stroud, the dealer on the 400-block sale, mentioned Friday.

The block offered for lower than ONE St. Petersburg, a equally-sized mission nearer to the water. That parcel, which will even be about 41 tales, was purchased by The Kolter Group in 2014 for $17.25 million. It was beforehand owned by St. Petersburg enterprise proprietor and Tampa Bay Rowdies proprietor Invoice Edwards.

Red Apple is owned by John Catsimatidis, a New York billionaire who owns Gristedes, a Manhattan grocery chain. He has familial ties to the St. Petersburg space, as his spouse's siblings and her 97-year-previous grandmother dwell there.

This deal marks his second current buy in St. Petersburg's city core — Red Apple purchased Florida Arcade on Central Avenue for $2.625 million in February. The 15,000-square-foot historic constructing is immediately throughout from the newly bought block.

Red Apple has but to launch particulars for what it plans for the arcade area. However as for the bigger lot, Catsimatidis beforehand hinted at a grand imaginative and prescient. "St. Pete wants a skyline." he instructed the Instances final 12 months.

In response to Stroud, the multi-million greenback contract has been within the works since June 2016. Catsimatidis beforehand mentioned he anticipates a mixture of workplace, lodge and retail area on the block along with the residential constructing.

Development is predicted to start in about 15 months.

The brand new building mission is surrounded by a mix of historic and trendy buildings. The town doesn't presently require that historic buildings be preserved.

The area the place the brand new Red Apple mission will stand was beforehand residence to Pheil household buildings from the 1920s. A longtime landmark, the lengthy-deteriorating constructing was referred to as "cheese-grater" construction due to its unique aluminum siding. The lot additionally contained a rundown parking storage, all lengthy deserted.

Instances information contributed to this report. Contact Malena Carollo at mcarollo@tampabay.com. Comply with @malenacarollo.

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Red Apple Group buys coveted St. Petersburg parcel for $16.5 million - Tampabay.com