Official plans, renderings filed for Waldorf Astoria Residences

A Miami-based developer has formally submitted plans to the City of St. Petersburg that, if approved, would add a 49-story Waldorf Astoria-branded condominium tower to the downtown skyline.

According to documents obtained by the Catalyst, the mixed-use development would soar 534 feet above 150 2^nd Avenue South. That would make it the tallest building in St. Petersburg.

Katie Cole, a prominent local land use attorney with Hill Ward Henderson, submitted the plans on behalf of Property Markets Group (PMG). The joint venture includes the City Center’s ownership group – St. Petersburg-based Feldman Equities, publicly traded City Office REIT and Tower Realty Partners.

A spokesperson for the development team said they were not conducting interviews “at this time” but to “stay tuned for more details soon.” However, she did provide a prepared statement.

“We look forward to bringing a 5-star brand to St. Petersburg with this landmark luxury condominium project,” wrote the developers. “This development will not only redefine the city’s skyline but also contribute significantly to its growing reputation as a world-class destination.”

The mixed-use tower would become St. Petersburg’s tallest building, at 534 feet.

Feldman Equities issued a July 1 letter to the 12-story City Center’s tenants. It confirmed social media rumors regarding the planned demolition of the office tower’s parking garage to make way for a new development.

City Center’s owners then discussed the proposed project with the neighboring Saltaire’s condominium association board and the St. Petersburg Downtown Neighborhood Association. The planned redevelopment was reportedly a Waldorf Astoria Residences St. Petersburg.

The recently filed documents state that the mixed-use tower would encompass 1.16 million square feet. It would offer 166 ultra-luxury residences with two, three, four and five-bedroom floorplans.

While the building will bear the Waldorf Astoria moniker, it will not feature a hotel. However, it will include 10,359 square feet of ground-level retail space fronting 2^nd Avenue and 2^nd Street South.

The two-story “pedestrian friendly” tower’s base will also offer a 1,743-square-foot office lobby and 10,880 square feet of residential lobbies. Floors 3 through 13 will provide 780 parking spaces for residents, visitors and office tenants.

The 14^th through 16^th floor will feature 73,000 square feet of Class A office space. The 17^th story will feature a pool overlooking 2^nd Street South, with additional residential amenities encompassing the level above.

Luxe residences will occupy the 18^th through 49^th floors and provide sweeping views of Tampa Bay. The developers will dedicate the 44^th through 49^th-story to penthouses. They also committed to a restrictive covenant that prevents redevelopment at City Center from exceeding 12 stories.

Motorists will enter from 2^nd Avenue South, east of the retail center. The application states that the project will “satisfy a demand for residential walkability, ground floor retail space, bayfront office space and better parking options in the Intown Activity Center. Most importantly, it establishes a path for retaining 253,590 square feet of office space …”

The owners of City Center are currently conducting renovations to the 12-stoary office building. They would demolish the parking garage (foreground) Photo: citycenterstpete.com.

St. Petersburg’s Development Review Commission (DRC) must first approve the site plan and requested density provisions. The property’s Downtown Center-1 zoning allows a base 3.0 floor-area ratio (FAR).

The development team requested a 5.85 FAR to ensure a healthy return on investment. Following the DRC’s approval, the St. Petersburg City Council, acting as the Community Redevelopment Agency, would conduct a public hearing.

“The response from potential buyers has been overwhelmingly positive, reflecting the strong demand for high-end, branded residences in our vibrant downtown, as well as the demand for more Class A office space,” the developers said in an emailed statement. “We are grateful to work alongside the city and proud to be a part of its continuing transformation.”

The Federal Aviation and Airport Authorities will review the tower’s proposed height due to its proximity to Albert Whitted Airport. The neighboring Saltaire building is 408 feet.

At 515 feet, the under-construction Residences at 400 Central will become the city’s tallest tower when completed in 2025. The Waldorf Astoria Residences St. Petersburg would top that by three stories.

The DRC application states the project’s developers met with stakeholders at Saltaire, the Signature and McNulty buildings to “address concerns regarding construction dust and noise.” Cole wrote that her clients would “minimize construction noise in the early morning hours” and “commit to cleaning” Saltaire’s windows and McNulty’s HVAC units during construction.

The development would become the first luxury-branded condominium in St. Petersburg. It would also be the second nationally under the Waldorf Astoria’s moniker not to incorporate a hotel.

Another PMG-led joint venture broke ground on the Waldorf Astoria Hotel & Residences Miami in October 2022. The firm secured a $668 million construction loan from Bank OZK and Related Fund Management in June, a South Florida record.