It's reported earlier this week that a key redevelopment site on Mirror Lake was under contract, it was revealed that the buyer is the developer behind Florida’s tallest residential tower.
New York-based Red Apple Group is set to acquire the 0.94-acre property for $13.2 million by the end of the year. “As Mr. Catsimatidis recently mentioned, we are under contract to purchase this exciting piece of land near Mirror Lake in downtown St. Petersburg,” said Kevin King, director of Florida operations for Red Apple, in a statement to St. Pete Rising.
Red Apple is currently building the 46-story Residences at 400 Central condominium tower in downtown St. Pete.
The Mirror Lake property, located at the corner of 5th Street North and 3rd Avenue North, was previously approved for a 23-story mixed-use tower with 285 apartments and 10,000 square feet of retail space. The original plan had a floor area ratio (FAR) of 7.0, the highest density allowed in the Downtown Center-1 (DC-1) zoning district. As a result, Red Apple’s project cannot exceed the approved density. However, the company may opt for a slightly taller structure while maintaining the 7.0 FAR. If Red Apple chooses to build apartments, they may have more units, albeit smaller, while opting for condos would likely result in fewer, but larger, units.
"Whether it's apartments or condos, we believe this project will serve the needs of St. Petersburg,” said King, adding that further details will be shared at a later date.
The current owners of the property are a group including bitcoin mining company Hyperscale Data (formerly BitNile Holdings), former Illinois Congressman Aaron Schock, and Atlanta-based real estate investor Joshua Haywood.
“We are pleased to have reached an agreement for the sale of our St. Petersburg property, marking a significant milestone for growth and investment in the region,” said William Horne, CEO of Hyperscale Data, in a statement. The property is located within the Downtown Center-1 (DC-1) zoning district, which permits high-density mixed-use development to support the downtown area with pedestrian amenities, retail, and cultural spaces.
Red Apple’s planned development is likely just the first of several projects in St. Petersburg. John Catsimatidis has publicly expressed his interest in expanding further in the city, planning to invest his next $2 billion in Florida.
For more information Contact Aaron Hoffman at Compass Real Estate 813.817.7914
