Another Block in Downtown St Pete Sells for over $15 million
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07 / 14 / 16
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Another Block in Downtown St. Pete sells for over $15 million

Downtown St. Petersburg, FL Skyline with ONE St Petersburg

The Real Deal is reporting that a New York company has a contract to pay more than $15 million for an entire block of downtown St. Petersburg. That's great news for residents of the area who will continue to benefit from the ongoing investment in one of the United States' hottest markets.

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, 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.

Two years ago, Stroud was involved in the $17.25 million sale of the Tropicana block three blocks farther east on Central to the Kolter Group, a South Florida developer. Construction is currently under way there for ONE St. Petersburg, a 41-story, 253-unit condo tower that will be among the tallest buildings on Florida's west coast, and an adjacent 175-room Hyatt hotel.

The 41-story ONE St. Petersburg near Sundial, is currently under construction, but more than half of its 253 residences are already sold. The community is the number one selling condominium in the Tampa Bay area and will also be a new destination for shopping, dining and entertainment. With a Redfin Walkability Score of 92, the tower's success is attributed to the prime downtown St. Petersburg location overlooking Tampa Bay.

ONE St. Petersburg's amenities have been described as private club living in the sky. A 40,000 sf private elevated resort deck will include a free-standing fitness center, resort-style pool with 75' fitness lap lane, whirlpool spa, semi-private cabanas, a Splash Lounge and Game Room. Club One, the 2,100 sf formal residents club, will include a sophisticated venue to host private parties and special events.

Interior Rending of living room at  One St Petersburg

St. Petersburg is the 5th largest city in Florida, home to over 250,000 residents and part of a 2.9 million person MSA. St. Petersburg combines the amenities and variety that any large city has to offer, while providing a small-town neighborhood feel in an affordable setting. St. Petersburg has become one of the brightest spots in the Southeast, not only as a headquarters for new businesses, but as a home for a growing, talented workforce. The city also has a superb transportation, telecommunication, and utility infrastructure all designed to support business growth and workforce commutes.