The developer behind the Residences at 400 Central, St. Petersburg’s tallest building, has revealed plans to construct a new tower overlooking Mirror Lake, just a short distance away. According to John Catsimatidis Sr., founder of New York-based Red Apple Group, the new tower would be “almost as big” as 400 Central.

City officials had previously approved a 23-story mixed-use development at the corner of Fifth Street and Third Avenue North. However, construction was halted on the 0.94-acre site across from the historic Mirror Lake Community Library.

Catsimatidis, who has consistently emphasized that 400 Central would not be the only significant development in the area, confirmed the plans were moving forward during an interview with the St. Pete Catalyst on Nov. 16.

Kevin King, the director of Florida operations for Red Apple, later confirmed that the site in question was the Mirror Lake property, which is currently owned by a subsidiary of bitcoin mining company Hyperscale Data. In a statement, King said, “As Mr. Catsimatidis alluded to recently, we are under contract to acquire this exciting piece of land near beautiful Mirror Lake in the heart of the Sunshine City’s downtown.”

Las Vegas-based Hyperscale, previously known as BitNile Holdings, had purchased the property for $15.5 million in January 2022. The site had once hosted seven apartment buildings, with a total of 97 units, which were constructed between 1916 and 1921.

In May 2022, Hyperscale received approval for a 23-story tower that would include 10,006 square feet of commercial space, 285 housing units, and a 282-space parking garage. The property includes several parcels along Fifth Street and Third Avenue North.

The ownership group demolished the old buildings in January 2023, but on Oct. 3, Hyperscale announced it had decided to sell the site to a “large, New York-based real estate firm.” The company cited the sale as part of a broader effort to streamline operations and focus on its data center business. CEO Michael Horne expressed excitement about the deal, stating it marked “a milestone for new growth and investment in the region.”

Catsimatidis is confident the transaction will be completed by the end of the year, saying, “We’re committed to closing the deal before Dec. 31, but we’ll do it before that.”

Red Apple Group’s acquisition of the property will allow them to bypass the lengthy approval process since the site is already fully entitled. King emphasized that the land was “an exciting piece of fully entitled land.”

Catsimatidis also outlined the scope of the new project, noting it would be “almost as big” as 400 Central, which has a height of 515 feet with 49 stories. Current zoning allows for a maximum height of 300 feet on the Mirror Lake property, and the new development is expected to reach a similar scale.

Additionally, Hyperscale had proposed a building with 27,950 square feet, but zoning permits up to 39,186 square feet. King added, “We have a beautiful downtown. Mirror Lake is a gem — and we think the development will serve the residents well.”

The previously approved plans for the site call for contemporary architecture with large storefront windows and awnings extending over the public sidewalk. The tower's U-shaped design includes an additional setback from the streets to ensure it does not overwhelm pedestrians.

Hyperscale collaborated with St. Petersburg’s Urban Planning and Historic Preservation Division to ensure the building's design would complement nearby landmarks, which may be eligible for local designation. The city staff had previously recommended approval for similar projects, including a 25-story proposal in 2005 and a 21-story development in 2018.