Red Apple Real Estate Expands Presence with $13 Million Purchase of Downtown St. Petersburg Site

Red Apple Real Estate Purchases Downtown St. Petersburg Site

St. Petersburg, Florida, has become the latest focus of Red Apple Real Estate, a prominent developer based in New York. On December 13, the company acquired a 0.94-acre site in the city’s Mirror Lake neighborhood for $13 million. This purchase was $200,000 less than the previously reported price of $13.2 million for the property.

Background Information

The site was initially purchased by the sellers in December 2021 for $15.5 million. It is strategically located at the intersection of 5th Street North and 3rd Avenue North. Previously, this site had received approval for a major development project that included a 23-story mixed-use building. The plans for this building featured 285 apartments alongside 10,000 square feet designated for retail space.

Future Plans Uncertain

While Red Apple has officially secured the site, the developer has yet to finalize specific plans for how the land will be utilized. Options on the table may include constructing a multifamily rental complex or a condominium building. The property is also notably located across from the newly approved Mirror Lake Historic District, further highlighting its potential importance to local development.

Commitment to Community Development

John Catsimatidis, Sr., the Chairman and CEO of Red Apple Group, expressed excitement about the company’s role in enhancing St. Petersburg, stating that they aim to contribute through high-quality projects that address local housing needs.

In addition to this recent acquisition, Red Apple Real Estate is also in the midst of another significant project: the Residences at 400 Central. This upcoming 46-story condominium is on track to become the tallest building in St. Petersburg upon its expected completion in 2025.

Looking Ahead

Community members and stakeholders in St. Petersburg will be closely monitoring Red Apple’s developments on the Mirror Lake site. As plans develop, local residents can expect updates and insights into the project as they become available. This initiative, alongside other developments by Red Apple, reflects broader efforts to address housing demands and enhance urban living in the thriving downtown area.

With significant investments being made in real estate projects throughout St. Petersburg, the city appears poised for growth and transformation in the coming years. The outcome of Red Apple’s plans for the Mirror Lake site could play a crucial role in that ongoing evolution.