First quarter sales at St. Pete condo tower hit $50 million on strength of penthouses

Sale at the Residences at 400 Central, one of the largest residential towers under construction along the Gulf Coast, are booming, developers say, pointing to three penthouses selling in the past 30 days for a total of $15 million as an example.

In all, the building has contracted more than $50 million in sales during the first quarter of this year, including a fourth penthouse.

John Catsimatidis, founder of Red Apple Real Estate, the building’s developer, says in a statement that the sale volume “shows the extraordinary demand for residences at the upper end of luxury living."

The Residences at 400 Central began construction in 2021. When done, the 46-story tower will have 301 luxury condos, in addition to Class A office space, ground-level restaurants, shops and cafes.

The building is going up on a 2.3-acre site on Central Avenue and Fourth Street South, which once housed what was dubbed the "cheese grater" building.

According to the statement, the project has reached the 32nd floor, and the podium portion is well underway. And Red Apple has begun talking prospective retailers and restaurant operators to occupy the ground floor of the new building.

As for the penthouse sales, the statement says the deals were for residences that are part of the Sky Collection. They range from a 2,400-square-foot unit with three bedrooms and three bathrooms to a 4,300-square-foot unit with four bedrooms and four and a half bathrooms.