Manhattan grocery mogul pays $16.5 million for lot in downtown St. Petersburg

Miami /
Apr.April 16, 2017 12:30 PM

A real estate company run by a Manhattan grocery mogul John Catsimatidis paid $16.5 million for vacant two-acre lot in downtown St. Petersburg.

New York-based Red Apple Group, which Catsimatidis owns, is planning to develop a 41-story residential tower on the two-acre lot.

The land is located directly across Central Avenue in downtown St. Petersburg from the Florida Arcade, a 15,000-square-foot building that Red Apple bought in February for $2.625 million. Red Apple hasn’t detailed plans for the Florida Arcade building.

Catsimatidis ranks 194th on the Forbes magazine list of the wealthiest Americans with a personal net worth of $3.3 billion. He owns a Manhattan grocery store chain called Gristedes. He has familial ties to St. Petersburg, where his wife’s siblings and grandmother reside.

Red Apple’s investment in the two-acre lot across from the Florida Arcade building may set the stage for the company’s development of offices, hotel rooms and retail space as well as a high-rise residential building.

Red Apple’s $16.5 million investment in the two-acre lot is comparable to the $17.25 million acquisition of a similarly sized parcel in downtown St. Petersburg by Kolter Group of Palm Beach Gardens, where Kolter is building a 41-story condominium called ONE St. Petersburg. [Tampa Bay Times] Mike Seemuth


Related Articles

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...