Growing up in Harlem, John Catsimatidis would draw back the curtains of his window and see nothing but a brick wall, he told the Economic Club of Tampa during a luncheon Monday. He always aspired to have a room with a view — that’s why Catsimatidis, who is now a billionaire and St. Pete developer, among many other roles, chose to raise his family in a home overlooking Central Park. 

Soon, though, Catsimatidis may be trading Central Park life for panoramic views of downtown St. Petersburg. Catsimatidis, owner of Gristedes supermarket chain and founder and CEO of Red Apple Real Estate, has purchased the penthouse apartment of his signature development in the region, the Residences at 400 Central, which will be the tallest tower in downtown St. Petersburg when it opens next year. 

Catsimatidis, 77, spoke with reporters Monday afternoon after the Economic Club of Tampa lunch. Once his new penthouse apartment is ready, he and his wife, Margo, plan to become Florida residents, he says, splitting their time between St. Petersburg and the New York City apartment building where their children have also made their homes. And while he declined to name any specific project he may have his eye on for future development, Catsimatidis made his commitment to the Tampa Bay region known. 

“I believe in the St. Pete/Tampa area and I think it’s the next area to go to the moon,” Catsimatidis says. “We’re dedicated to it, and I’d rather spend a billion dollars here than in New York.”

Part of the draw to the Sunshine City is simply “quality of life” — “I’ve always loved looking at the water,” he told the Business Observer. Part of the draw is simply economics. 

“We think the Tampa/St. Pete area is going to grow faster than any other city … because your prices are too cheap and people are going to realize it,” Catsimatidis says. “Go to Miami, folks, and the prices are double or triple.”

After 400 Central opens its doors, the New York developer, business mogul and media personality’s sights will be set on a second St. Petersburg project — turning a 0.94-acre property he purchased in St. Petersburg’s Mirror Lake neighborhood last year into even more residences. Catsimatidis paid $13 million for the parcel at 233 Fifth Street N., which is already zoned for a 23-story tower, records show.

Architects are already working on renderings for a potential building at the site, Catsimatidis says, and his team at Red Apple Group are in the process of hiring another architectural firm to “get a competitive look at things.”

“I want to build something that I’m proud of,” he says. “My expression is I want a ‘wow building.” … I want to build 100 buildings before I die.”

While the Residences at 400 Central is still under construction, about 80% of the units have already been purchased, Catsimatidis says. Wealth management firm Dynasty Financial Partners, which moved its national headquarters from New York City to St. Petersburg in 2019, has also signed a 15-year lease for more than 44,000 square feet of office space inside the tower, according to Red Apple Group officials. 

Volta Wine + Market has also signed a lease there and plans to set up a gourmet wine and grocery store featuring a 10- to 12-seat boutique wine bar. Several more commercial tenants have talked with Red Apple Group about taking up residence in the new tower, Catsimatidis says, but the developer has yet to find an “iconic” restaurant to anchor the building. 

Catsimatidis’ condo tower could soon face some competition, as development is underway for the Waldorf Astoria to build a slightly taller, 50-foot residential tower down the street, at 150 2nd Avenue S. Even though construction has yet to begin on the tower, Bloomberg reports that a duplex penthouse inside the Waldorf Astoria Residences has already sold for a record-breaking $27 million. 

Could Catsimatidis’ 400 Central tower face any competition from the upcoming Waldorf Astoria? “It would make my day,” he says. 

“We’re selling penthouses for $5 million, $6 million — why would you want to spend $27 million?” Catsimatidis asks, talking to reporters. “We’ll give it to you for $5 million or $6 million and it’s already built. You don’t have to take a chance that it might be built.”

Catsimatidis, regardless of any competitive forces, plans to continue his Florida love story.   

“We’re looking to do more things down here, whether its real estate development or business development — maybe a little bit of both,” Catsimatidis said. “I look for opportunities and I think there are a lot of opportunities in this area.”