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Waldorf Astoria St. Pete is now a $500 million project

Mark Parker

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New details have emerged on the now 50-story Waldorf Astoria Residences St. Petersburg project. Renderings: CUBE 3.

The development group behind what will become St. Petersburg’s tallest and first luxury-branded building has unveiled new project details as sales commence. 

Jon Glickman, acquisition director for Property Markets Group, told the Catalyst that a “whisper” sales campaign for the Waldorf Astoria Residences St. Petersburg launched April 25. The firm is already processing three contracts, with units ranging from roughly $2.5 million to $6 million. 

The mixed-use project’s height has increased from 49 to 50 stories. However, the most significant change since city council members unanimously approved the landmark development in November 2024 is its $225 million price tag. 

“Today, we’re probably in that $500 million class of total cost,” Glickman said. “We’re in the middle of building several billion dollars worth of construction right now around the country. So, we’re pretty in the know about what things are costing now – and how to plan for that.” 

A new rendering highlights the project’s (second high-rise from left) scale compared to other downtown buildings.

Miami-based Property Markets Group (PMG) is leading a joint venture with St. Petersburg’s Feldman Equities, publicly traded City Office REIT and Tower Realty Partners. The latter three firms own the City Center office building at 100 2nd Ave. S. 

Tampa-based Smith & Associates Real Estate is overseeing sales of the Waldorf Astoria Residences St. Petersburg’s 163 luxury condominiums. The tower will soar 540 feet above 150 2nd Ave. S. 

The development team previously said the tower would offer 63,251 square feet of in-demand Class A office space downtown. Plans, which could continue evolving, now call for over 73,000 square feet. 

Glickman noted the project’s overall size has likely increased. He said market uncertainty and tariffs are “absolutely” concerning, as builders must import many construction materials. 

Glickman also believes PMG’s pre-budgetary cost analysis and estimates are “pretty good right now.” The firm secured a $668 million construction loan, a South Florida record, from Bank OZK and Related Fund Management in June 2024 to build the Waldorf Astoria Hotel & Residences Miami. 

Once complete, the 100-story, 1,049-foot skyscraper will become the tallest south of New York City. “The fact that Waldorf felt comfortable to bring their brand to St. Pete when there are other possible opportunities in the Tampa Bay area … St. Pete is ready, and the Tampa market is ready for this kind of quality development,” Glickman said. 

The project could break ground by the end of the year or in early 2026. A recently remodeled City Center will soon house a sales office. 

Construction on the Waldorf Residences will take about 30 months. The tower will feature two two-story penthouses with private pools overlooking the bay. PMG has yet to price or design those units. 

A 46th-floor lounge will open to the public.

Two and three-bedroom units will encompass between 2,031 and 3,408 square feet. Award-winning design firm BAMO curated custom-built closets, Italian bathroom vanities, stone countertops and smart home technologies. 

Each condominium features expansive terraces with bay vistas, private foyers and balconies designed by CUBE 3. The Waldorf Residences boasts 43,000 square feet of amenity space and a 20,000-square-foot, resort-style pool deck. 

A third pool will offer dual spas, a lounge area and a bar. The 18th-floor amenity suite includes a holistic wellness center and a youth entertainment club. 

A 46th-floor Sky Lounge, inspired by the Waldorf Astoria’s historic “Peacock Alley” gathering space, will feature a sunset bar, pool deck and an amenity terrace. Glickman believes about 10,000 square feet of ground-level commercial space will house a public restaurant. 

Hilton will manage the Waldorf Residences. Glickman, a Sarasota resident, said the hotelier would remain “faithful” to the brand while embracing St. Petersburg’s vibrant culture and nightlife. 

He said company representatives have vetted the area, and their response is “what we thought it would be.” Glickman credited the tower’s unobstructed bay views and proximity to the St. Pete Pier and museums. 

“A lot of cities are defined by their landscape … the landmark buildings, you can point them out,” Glickman said. “I think this is going to be that for Tampa Bay and St. Pete. It’s an important building that we’re happy to be a part of.” 

In a prepared statement, Larry Feldman, CEO of Feldman Equities, called the project a testament to St. Petersburg’s “natural progression and extensive growth.”

 

 

 

5 Comments

5 Comments

  1. Avatar

    Patrick O'Brien

    April 30, 2025at5:48 pm

    When does this high-rise mania stop! This is just insane. Plus, all the politicians talk about affordable housing, but units starting at $2.5 million certainly doesn’t sound affordable!

  2. Avatar

    S

    April 30, 2025at3:12 pm

    Queue to Mayor Welch taking complete [and unearned] credit for this with photos of him in 3 …2….1…

  3. Avatar

    william herrmann

    April 30, 2025at1:55 pm

    @Steve D

    Surely you jest!!!! It looks like The Sky Lounge will be restricted to owners.

  4. Avatar

    lyn Pierce

    April 30, 2025at8:20 am

    Why is it they want the city to be like New York why don’t they leave it like it used to be to where you could enjoy it and walk down the streets now you don’t dare walk down the streets those of us that grew up around here hate seeing all these changes most people around here can’t afford the stuff anyway it’s ridiculous

  5. Avatar

    Steve D

    April 30, 2025at8:16 am

    Beautiful building with quality amenities! We can’t wait to go to The Sky Lounge!

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