D
eveloper John Catsimatidis Sr.'s Red Apple Group plans to build a new tower overlooking Mirror Lake in downtown St. Petersburg, Florida. The company is under contract to acquire the site from Hyperscale Data, a bitcoin mining company that purchased it for $15.5 million in January 2022.

    The property, which includes several parcels of land across from the historic Mirror Lake Community Library, was previously approved for a 23-story mixed-use development with commercial space, housing units, and a parking garage. However, construction stalled after Hyperscale announced plans to sell the site in October.

    Red Apple Group's Kevin King confirmed Tuesday that the company is moving forward with the project, which will be "almost as big" as the Residences at 400 Central, St. Petersburg's tallest building. The new tower will have a maximum height of 300 feet under current zoning regulations, although city documents show permits for up to 39,186 square feet.

    The design for the project was previously approved and includes contemporary architecture with large storefront windows and awnings that project over the public sidewalk. King stated that Red Apple Group is committed to completing the transaction by December 31 and believes the development will serve the residents of downtown St. Petersburg well.