Billionaire developer John Catsimatidis closed on a $252 million construction loan for The Residences at 400 Central, which is expected to mark the tallest tower on Florida’s Gulf Coast.
Catsimatidis’ New York-based Red Apple Real Estate secured the financing from Bank OZK, according to a press release. The Little Rock, Ark.-based lender has been busy in South Florida and other parts of the state recently, despite the slowdown in lending due to high interest rates and other economic pressures.
“It is very difficult to get any construction loan right now,” Catsimatidis said.
Construction of the 1.3-million-square-foot St. Petersburg tower is expected to go vertical by March and be completed by early 2025, he said. Suffolk Construction has installed the majority of the concrete pilings for the foundation.
Arquitectonica designed the 46-story, 515-foot building, planned for a full city block in the city’s downtown. It calls for 301 condos, 35,000 square feet of amenities, retail and restaurants, and more than 40,000 square feet of offices. The residential units will range from one- to four-bedroom condos.
About one third of the building’s condos are presold, Catsimatidis said. Prices start in the $900,000s, according to the project’s website.
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The Greece-born, New York-based developer is worth more than $4 billion, according to Forbes. He’s best known as the owner of the New York City supermarket chain Gristedes. He also made his fortune in oil refineries, and gas stations with convenience stores. Catsimatidis’ other properties include a 450-unit oceanfront apartment complex on Coney Island.
A number of South Florida developers have expanded to Florida’s west coast, including the Related Group.
Catsimatidis said his company is opening an office in the St. Petersburg/Tampa area. He hired Kevin King, former chief of staff to St. Petersburg Mayor Rick Kriseman, to find additional sites for the firm. Catsimatidis added that land prices in Miami are higher than he would like.
“If anyone is going broke, I’ll buy it,” he said.