Greek-American billionaire businessman and real estate developer John Catsimatidis “closed on a $252 [USD] million construction loan for The Residences at 400 Central, which is expected to mark the tallest tower on Florida’s Gulf Coast,” The Real Deal reported on 6 January.
According to a press release, Catsimatidis’ New York-based Red Apple Real Estate secured the financing from Bank OZK, a Little Rock, Arkansas-based lender which has recently worked in South Florida and other areas in the state, in spite of the slowdown in lending due to the rise in interest rates and other economic concerns.
“It’s very difficult to get any kind of construction loan right now,” said Catsimatidis, The Read Deal reported, adding that construction of the tower in St. Petersburg, FL, is expected to begin by March and be completed in early 2025.
Suffolk Construction has already installed the majority of the concrete piles for the foundation. Designed by internationally renowned architectural firm, Arquitectonica, the Residences at 400 Central features spacious floorplans with high-end interior finishes, wrap around balconies, and magnificent views with 301 apartments, 35,000 square feet of facilities, retail and restaurants as well as more than 40,000 square feet of office space. Residential units will range from one- to four-bedroom apartments.
About a third of the apartments in the building have been pre-sold, Catsimatidis told The Real Deal. Prices start at $900,000, according to the project’s website.
The Greek-born New Yorker Catsimatidis is worth more than $4 billion, according to Forbes.
Best known as the owner of the Gristedes supermarket chain in New York, he also made his fortune with oil refineries, gas stations and convenience stores. Catsimatidis’ other properties include a 450-unit oceanfront condo complex in Coney Island. Catsimatidis said his company is opening an office in the St. Petersburg area in Tampa.
The Real Deal reported, noting that he hired Kevin King, former chief of staff to St. Petersburg Mayor Rick Kriseman, to find additional locations, but added that land prices in Miami are higher than he would like.