The developer behind the Residences at 400 Central, which proudly holds the title of downtown St. Petersburg’s tallest building, is charting a new course with plans to construct an additional tower that will overlook the picturesque Mirror Lake, adding to the area’s skyline and appeal.
John Catsimatidis Sr., the visionary founder of the New York-based Red Apple Group, has consistently emphasized that the development of 400 Central would not be the capstone for the region. In a recent conversation with the Catalyst, he conveyed that proactive plans for further developments are already in the pipeline.
On Tuesday afternoon, Kevin King, director of Florida operations for Red Apple, confirmed significant details regarding the new endeavor. The site in question, currently owned by a subsidiary of bitcoin mining enterprise Hyperscale Data, is the Mirror Lake assemblage, which stands poised for potential transformation.
“As Mr. Catsimatidis alluded to recently, we are under contract to acquire this exciting piece of land near beautiful Mirror Lake in the heart of the Sunshine City’s downtown,” King articulated in a prepared statement, suggesting a promising future for the development.
Las Vegas-based Hyperscale, formerly recognized as BitNile Holdings, purchased the property for a notable sum of $15.5 million back in January 2022. Historical records indicate that the site previously housed seven apartment buildings, providing a total of 97 residential units, which were constructed between 1916 and 1921.
In May 2022, Hyperscale received approval to build an impressive 23-story tower, which was designed to incorporate 10,006 square feet of commercial space alongside 285 housing units and a spacious 282-space parking garage. This significant development plan encompasses several parcels of land, including 233 5th Street, 231 ½ 4th Street, 249 5th Street, 420 3rd Avenue, and 442 3rd Avenue North.
After acquiring the property, the ownership group proceeded with the demolition of the historical structures in January. However, in a recent announcement dated Oct. 3, Hyperscale revealed its intention to sell the site to a “large, New York-based real estate firm,” signifying a noteworthy strategic move in the local real estate market.
The company expressed optimism about the sale, stating they are “confident in the purchaser’s ability to close the transaction and looks forward to the ultimate development of the property and the contributions to the St. Petersburg region.”
Catsimatidis echoed similar sentiments regarding the forthcoming transaction, expressing his commitment to completing the deal efficiently. “We’re committed to closing the deal before Dec. 31, but we’ll do it before that,” he assured during the Saturday meeting.
Catsimatidis indicated that his new project would rival the scale of 400 Central, which recently reached a peak height of 49 stories and an impressive 515 feet. City documentation confirms that there is potential for construction up to 300 feet on the Mirror Lake property under the present zoning agreement.
In addition to this ambitious plan, Hyperscale had previously proposed a building spanning 27,950 square feet. Existing zoning regulations downtown permit the development of buildings up to 39,186 square feet, thus enhancing the possibilities for future growth in the area.
“We have a beautiful downtown,” King remarked on Tuesday. “Mirror Lake is a gem – and we think the development will serve the residents well,” highlighting the importance of integrating the new structure into the fabric of the community.
In collaboration with St. Petersburg’s Urban Planning and Historic Preservation Division, Hyperscale worked diligently to ensure that the design of the new building aligns harmoniously with adjacent “potentially eligible and locally designated landmarks,” which are situated within a 200-foot radius of the proposed site. Staff recommended approval, echoing sentiments from previous proposals including a 25-story project in 2005 and a 21-story development in 2018.
The Red Apple Group is entitled to build up to 300 feet.
How will community feedback be incorporated into the development plans for the new project?
**Interview with Kevin King, Director of Florida Operations for Red Apple Group**
**Editor:** Thank you for joining us today, Kevin. The recent announcement about the new tower near Mirror Lake is generating quite a buzz. Can you tell us more about the vision behind this project?
**Kevin King:** Absolutely! We’re excited about the prospect of developing this site near Mirror Lake. It’s not just about adding to the skyline; it’s about enhancing the community. Our vision is to create a space that complements the beauty of the lake and provides much-needed residential and commercial opportunities in downtown St. Petersburg.
**Editor:** John Catsimatidis has previously mentioned that the Residences at 400 Central is not the final chapter for the area. How does this new project align with that vision?
**Kevin King:** Mr. Catsimatidis has always believed in the potential of St. Petersburg, and this new endeavor is a testament to that belief. The Residences at 400 Central set a benchmark, but we want to build on that momentum. Our plans for the new tower will attract more residents and businesses to the area, creating a vibrant community hub.
**Editor:** I understand that the site is currently owned by a bitcoin mining enterprise. How did that acquisition process unfold, and what are the next steps?
**Kevin King:** We’re currently under contract to acquire the land from Hyperscale Data, which represents a strategic transition for this prime location. They bought the property with the intention of development but have decided to sell to a firm that is more aligned with the residential and commercial vision. Once we finalize the acquisition, we’ll begin the planning and design phases to ensure the project reflects the needs of the community.
**Editor:** The prior ownership had plans for a 23-story tower with commercial space and residential units. Will the new development follow a similar structure?
**Kevin King:** Yes, we aim to maintain some of those proposed elements, including a mix of commercial and residential spaces. However, we also intend to incorporate feedback from local stakeholders and residents to ensure the development serves the community. Our goal is to create something that not only looks great but also fulfills the city’s needs.
**Editor:** Exciting times ahead! What can the residents of St. Petersburg expect from this new development?
**Kevin King:** They can expect a beautiful addition to the skyline that offers modern living spaces, vibrant commercial opportunities, and improved access to amenities around Mirror Lake. We’re committed to not just building a structure but creating a community that enhances the quality of life here in St. Petersburg.
**Editor:** Thank you, Kevin, for your insights. We look forward to seeing how this project develops!
**Kevin King:** Thank you! We’re thrilled about the opportunity and can’t wait to share more updates as we move forward.