A New York company has a contract to pay more than $15 million for an entire block of downtown St. Petersburg and plans to redevelop it.
New York-based Red Apple Group plans to acquire the 400 block of Central Avenue, now occupied by a former hotel, an adjacent building and a parking garage.
Following demolition of those structures, Red Apple would build a major mixed-use development that probably would include residences, broker Mark Stroud told the Tampa Bay Times.
Stroud, who has represented the seller of the 400 block of Central Avenue. told the Tampa Bay Times contract price exceeds the initial $15 million asking price.
“We had over 14 written offers from qualified buyers,” Stroud told the newspaper.
Red Apple was founded by John Catsimatidis, a native of Greece and a Manhattan grocery chain owner who ranked 182nd on the Forbes magazine list of the 400 wealthiest Americans.
The seller of the city block in downtown St. Petersburg would be a real estate investment trust that would up with land leases for much of the block in 2004 after foreclosing a loan. [Tampa Bay Times] — Mike Seemuth