Billionaire John Catsimatidis launches Gulf Coast’s tallest residential tower

1 year ago 239

Like galore a New Yorker earlier him, market store magnate and existent property developer John Catsimatidis, has decided to springiness Florida a go.

This week successful St. Petersburg, the Gristedes proprietor broke crushed connected what upon completion volition beryllium the Florida Gulf Coast’s tallest residential tower, the 46-story, 301-unit luxury condo gathering The Residences astatine 400 Central.

Designed by Miami-based architecture steadfast Arquitectonica, the 1.3-million square-foot operation volition diagnostic amenities similar round-the-clock concierge services, a fittingness center, theater, backstage eating room, and a rooftop terrace outfitted with a excavation and spa, putting greenish and bocce court. Units volition scope from 2 to 4 bedrooms and 1,277 to 5,600 quadrate feet and travel with unfastened level plans and floor-to-ceiling windows.

The gathering volition besides see an reflection platform perched immoderate 515 feet supra downtown St. Petersburg where, arsenic Catsimatidis envisions it, “you tin laic backmost and look astatine the entity and the satellite and autumn successful emotion again.”

In caller years, Catsimatidis has tried to bring a spot of Florida to New York City with his Coney Island rental analyzable Ocean Drive. This clip around, he’s decided to spell consecutive to the Sunshine State itself.

While helium was calved successful Greece and raised successful West Harlem, Catsimatidis has a transportation to St. Petersburg done his wife, Margo Vondersaar, whose parents moved to the metropolis from Indianapolis 40 years ago.

“Her begetter ever urged maine to put successful St. Petersburg and that full area, and an accidental came on a fewer years ago, and I wrote a check,” Catsimatidis said.

St. Petersburg “is coming around,” helium said. “You person a batch of young people. [The city] is becoming a existent nifty town. A batch of boutiques—like the aged Columbus Avenue wherever I grew up connected the West Side. A batch of nifty radical opening up each kinds of shops.”

Another, possibly unexpected, payment to surviving successful St. Pete?

“Only 2 hurricanes successful the past 100 years!” Catsimatidis said.

In fact, contempt Florida’s stormy reputation, the past large hurricane to marque landfall successful the Tampa Bay-St. Petersburg country deed astir a period agone to the day, connected October 25, 1921.

“So determination are nary hurricanes, the upwind is great, and determination are nary [state income] taxes,” Catsimatidis said, detailing the city’s selling points. “Like 1,000 radical a time are moving to Florida.”

Indeed, the authorities gained an estimated 330,000 caller residents successful 2020. Those caller arrivals should supply 4000 Central with a dependable travel of imaginable buyers. In immoderate case, the gathering has already notched astatine slightest 1 sale—Catsimatidis said he’ll beryllium taking 1 of the penthouses.

Units commencement astatine $800,000 pre-construction. Catsimatidis said the project, which volition besides see 40,000 to 120,000 quadrate feet of bureau abstraction adjacent door, volition beryllium completed successful astir 2 years.

In summation to the residential units, the gathering volition diagnostic 60,000 quadrate feet of retail. Catsimatidis doesn’t expect having occupation filling the space, but, helium said, “worse comes to worst, you cognize what I’m going to do?”

“Open up a Gristedes!”