On the heels of the groundbreaking of St. Pete’s future tallest tower, another residential tower has just been revealed for downtown.

Yesterday, New York-based developer Red Apple Group held a ceremonial groundbreaking for the Residences at 400 Central, a 46-story, 515-foot condo tower planned for 400 Central Avenue. Just two blocks away, Kolter Group is proposing another soaring condominium tower.

Kolter Group, which previously built ONE St. Petersburg and is currently constructing Saltaire, has announced plans for a 41-story condominium tower at 200 Central Avenue. The site is currently home to a 295,000 square foot office building along with an adjacent surface parking lot. The new condominium building will be built on the 2.02-acre surface parking lot, which Kolter is under contract to purchase as reported by St. Pete Catalyst.

According to preliminary plans filed with the city, the building is substantially similar in size to ONE St. Petersburg. Like ONE St. Petersburg, the building will reach a height of 450 feet, which is the maximum height allowed under the city’s streamline approval process. When adding a 30-foot decorative crown, the total height of the building will be 480 feet. The new tower will contain 248 units, compared to ONE St. Petersburg’s 253 units, and will average around 2,000 square feet.

The base of the building would feature retail space fronting Central Avenue along with a residential lobby fronting 1st Avenue South. Floors two through eight would consist of parking while the ninth floor would house an amenity deck and outdoor pool. Unlike Kolter’s prior projects, which feature large resort-style outdoor amenity decks, the building at 200 Central would have a more modest pool deck.

Residential units would be located on floors 10-41 in two-bedroom and three-bedroom configurations. The upper floors of the building would contain larger penthouse units.

Kolter expects the project to go before the city’s Development Review Commission later this year. The project is being built in Downtown Center-Core (DC-C) zoning which allows a base Floor Area Ratio (FAR) of 4.0. The project is utilizing an additional bonus of 3.5 FAR for a total FAR of 7.5.

As part of these bonuses, the developers will contribute to the city’s Housing Capital Improvements Projects (HCIP) trust fund to aid in the city’s workforce housing efforts. Additional FAR bonuses include purchasing transfer of development rights (TDRs) from a locally designated landmark or landmark site with available TDRs.

Coral Gables-based SB Architects, who designed Kolter’s other projects, is the architect for the project. Smith & Associates, which also sold ONE St. Petersburg and Saltaire, has been announced as the sales agent for the project.

Construction is not expected until late next year and will likely take 24-36 months to complete.