Waldorf developer ‘not really’ surprised over record-breaking sale

The development team behind the Waldorf Astoria Residences St. Petersburg announced Tuesday that a “local business leader” had purchased a two-story penthouse for $27 million. 

What will become St. Petersburg’s tallest tower is already home to the most expensive condominium in Tampa Bay. The $27 million presale shattered the previous record of $11.6 million set by the Ritz-Carlton Residences Tampa in 2021. 

Property Markets Group (PMG) and St. Petersburg-based Feldman Equities are co-developing St. Petersburg’s first luxury-branded building at 150 2nd Ave. South. The joint venture also includes publicly traded City Office REIT, and Hilton will manage the 50-story skyscraper. 

Dan Kaplan, managing partner for Miami-based PMG, said he was “not really” surprised by the record-breaking sale, despite the $500 million project being several months from breaking ground downtown. 

“It’s been a pleasant surprise, but not a complete shock,” Kaplan told the Catalyst. “When we go into upscale areas like St. Pete – with a brand that’s recognizable, that sort of commands the expectation of super high-end luxury – we find that we’re generally very successful with sales.” 

The development team expects to break ground on the 50-story skyscraper by the summer of 2026.

Saltaire previously housed St. Petersburg’s most expensive condo, a penthouse that sold for $8.25 million in 2024. The Waldorf purchase more than tripled that benchmark. 

The buyer, a “longtime supporter of St. Petersburg,” will work with PMG to custom-design the nearly 11,000-square-foot rooftop condominium. Their penthouse features a 50-foot private pool, Italian bathroom vanities, stone countertops and other amenities one might expect for $2,527 per square foot. 

“The number that we got for the penthouse was, quite frankly, the number we were sort of expecting to get for the penthouse,” Kaplan said. 

Kaplan could not say what type of business the local “leader” is known for in St. Petersburg. “If I told you what kind of business he’s in, there’s only one option who it could be.” 

Presales for the Waldorf began April 25. Kaplan reiterated that the landmark development’s estimated cost is now around $500 million. 

He also noted that 20% of its 163 luxury condominiums, roughly 33, have already sold. Units range from about $2.5 million to $6 million. 

Presales help mitigate financial risks, validate a massive project’s viability and instill buyer confidence. Kaplan said the development team eagerly anticipates opening its sales center at the City Center office tower in the “next couple of weeks.” 

“I’d say the breaking point, in terms of the financing ability of a project, is … Banks generally want that 30% pre-sold,” he explained. “But obviously, the more you pre-sell, the stronger the project is financially. And the better financial terms you can ultimately provide.” 

The penthouse’s kitchen.

Kaplan said the development team expects to have 50% of the units sold by the end of the year or early 2026. “And pretty close to 75% sold out by the end of the first quarter.” 

A project spokesperson noted the $27 million rooftop condo is the only “grand penthouse.” It will sit above two smaller penthouses, and the design process for those units is ongoing. 

Kaplan hopes to break ground on the Waldorf in the first or second quarter of 2026. Construction will take about 30 months to complete, and the tower will eventually soar 540 feet above 2nd Avenue South. 

The high-rise will feature 43,000 square feet of amenity space, including a Peacock Alley-inspired Sky lounge on the 46th floor. The Waldorf will also offer 73,000 square feet of Class A office space and 10,000 square feet of ground-level retail space. 

CUBE 3 is the tower’s architect, and BAMO will oversee interior design. Smith & Associates Real Estate will exclusively serve as the development’s sales team. 

PGM is also developing the tallest skyscraper south of New York City, the 100-story, 1,049-foot Waldorf Astoria Hotel & Residences Miami. Kaplan said his firm has completed the building’s first 40 stories, and 90% of its condos have sold. 

“We’re incredibly excited, and we think the City of St. Pete has been great to work with,” Kaplan said of the local project. “We think it’s going to attract pretty significant interest from Tampa, St. Pete and the whole bay area. 

“It is, for sure, one of the projects that internally, we’re most excited to see how it turns out.” 

The tower (second from left) will dramatically change St. Petersburg’s skyline.