What happens next at 490 First Ave. S. could ultimately involve the same developer whose crane sliced three stories down and into it.
Following Hurricane Milton’s 2024 landfall, extreme winds toppled a construction crane at the 400 Central tower – the 515-foot luxury condominium rising above downtown. A section of the crane snapped and slammed into the office building across 1st Avenue, carving into its top three floors.
Now, over a year later, the damaged building still sits in limbo. No demolition permit has been filed by its Dallas-based owner, Lincoln Property Co., but speculation persists that repair may not be the preferred route. That uncertainty has opened the door to another possibility: A sale.
John Catsimatidis, CEO of Red Apple Group and the developer behind 400 Central, has expressed interest in acquiring the property. He said he does not yet have a defined vision for the site beyond putting it to “the highest and best use.”
The storm’s impact was immediate for tenants. Johnson Pope Bokor Ruppel & Burns LLP and the Tampa Bay Times both relocated. The Times moved to the Poynter Institute on USF St. Pete’s campus and does not plan to return.
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In February 2025, Johnson Pope filed suit against Lincoln Property Co., seeking to exit its lease following the storm-related damage.
Catsimatidis has publicly denied responsibility for the neighboring damage from the crane on his development site.
“I have zero exposure on that building, and I’ll fight it for 10 years if I have to,” he said.
Redevelopment or demolition next door could affect buyer confidence at 400 Central, but that does not appear to concern Catsimatidis, nor his confidence in St. Pete.
Despite the damage caused by Milton’s 100-MPH winds, he said his appetite for investment in the city remains unchanged.
“We remain interested in St. Petersburg and the Tropicana site, too. We can spend an unlimited amount of money in St. Pete if it’s the right deal,” he told the Catalyst.
The crane collapse also revived broader concerns about construction safety during hurricane season. But the local authority in that area has been superseded.
A Florida law that took effect in July 2025 preempts cities and counties from regulating hoisting equipment, including cranes and derricks, unless the regulation falls under existing federal OSHA standards.
In practice, that means municipalities cannot impose their own crane-specific safety rules, even in response to local storm risk.
This content provided in partnership with StPeteCatalyst.com
