Red Apple Group Expands Dynasty Financial Partners HQ in St. Petersburg
The New York developer is adding 60,000 square feet of office space at The Residences at 400 Central, marking the largest headquarters project in downtown in de
Red Apple Group has begun construction on a 44,000-square-foot global headquarters for Dynasty Financial Partners at The Residences at 400 Central in downtown St. Petersburg, with plans to add an additional 16,000 square feet of office space on the ground floor. The project represents the largest new headquarters and office space undertaking in decades for the downtown area, according to John Catsimatidis Sr., founder of the New York-based Red Apple Group.
Dynasty Financial Partners, led by Founder, President and Chief Executive Officer Shirl Penney, plans to employ hundreds of high-level finance professionals at the expanded location. The main office space will sit atop the parking deck pedestal of The Residences at 400 Central and will include a private entrance for staff, an employee gym, and television studios for interviews. The additional 16,000 square feet will occupy ground-floor space at the corner of 1st Avenue South and 5th Street.
The Residences at 400 Central is a mixed-use development encompassing approximately 1.3 million square feet, including a 46-story condominium with 301 luxury homes, ground-floor retail and restaurants, and Class A office space. The development, designed by architectural firm Arquitectonica, is already welcoming residents to the condominium portion of the tower. "We envisioned this block as a true mixed use gathering space for people to live, work and play, right in the heart of St. Petersburg – and that is what's being delivered," Catsimatidis said at the construction kickoff.
The project occupies the site where the First National Bank building once stood, effectively establishing a new financial services hub in downtown St. Petersburg. The additional ground-floor retail and restaurant tenants are expected to support a growing pedestrian culture in the area. Red Apple Real Estate, the real estate arm of Red Apple Group, developed the project.
The completion of Dynasty Financial's expanded headquarters will likely accelerate recruitment of institutional finance businesses to the downtown corridor, where such tenants have been scarce in recent decades.