Developer Secures $252 Million Construction Loan for Downtown St. Petersburg Development

Developer Red Apple Group has secured a $252 million construction loan for The Residences at 400 Central, a mixed-use project in downtown St. Petersburg. The loan was obtained from Bank OZK. Foundation work has begun on the project and vertical construction is expected to start in March 2023. In November 2022, sales of the condominiums kicked off. The 46-story residential tower under construction in downtown St. Petersburg will become one of the tallest residential buildings on Florida’s Gulf Coast.  In addition to 301 condominiums, the building at 400 Central Avenue, will include 45,000 square feet of Class A Office space and over 25,000 square feet of ground floor retail space.  The condominiums, one-to-four-bedroom units, will range in size from 1,277 square feet to 5,600 square feet.  An amenity deck on the seventh floor will feature a pool, outdoor kitchen and dining areas, a pet area and fitness center.  The 46th floor will have a sky lounge observatory.  Construction is expected to take approximately three years to complete.

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