Bank OZK’s $252M Loan Kicks Off St. Pete Condo Development
The mixed-use project is destined to become the tallest building on the Florida Gulf Coast.
Financing has been obtained for construction of The Residences at 400 Central, a mixed-use residential tower developed by Red Apple Real Estate in downtown St. Petersburg, Fla. Bank OZK provided $252 million in development financing for the planned 46-story community, which will feature 301 luxury condominium homes, ranging from one- to four-bedroom residences, as well as a collection of custom penthouses. The total of interior space will be 1.3 million square feet.
With dramatic views of Tampa Bay and the Gulf of Mexico, the Residences at 400 Central will also include as many as 40,000 square feet of Class A office space, and more than 35,000 square feet of modern, private indoor and outdoor amenities for the residential tower. A dedicated lifestyle coordinator will activate the tower’s physical amenities by scheduling and organizing exercise classes, mahjong and bridge games, fishing, bicycling, walking, beach outings and social activities.
The Bank OZK financing was finalized as significant progress was being realized on the construction site. Suffolk Construction Co., the project general contractor, has installed 80 percent of the steel-reinforced concrete pilings supporting the new structure. Those pilings are as many as 72 inches in diameter and 180 feet deep.
The Residences at 400 Central will rise approximately 515 feet above Central Avenue, the lively downtown St. Petersburg thoroughfare. Once the foundation is complete, the tower’s vertical construction is expected to commence by March 2023. When complete in 2024, the tower is slated to be the tallest along the Florida Gulf Coast. A Yardi Matrix Tampa Multifamily Report found the region’s rental market is beginning to soften, even as the Tampa-St. Petersburg economy remains vibrant.