Place
Will a Waldorf Astoria-branded tower join St. Pete’s skyline?
Details regarding a proposed luxury-branded, 44-story condominium tower in downtown St. Petersburg continue emerging as a development group meets with surrounding stakeholders.
Speculation reached a fever pitch after St. Petersburg-based Feldman Equities issued a July 1 letter to City Center office tower tenants. It addressed and confirmed social media posts regarding the planned demolition of the building’s parking garage to make way for a new development.
The City Center’s ownership group, which includes Tower Realty Partners and publicly traded City Office REIT, discussed the proposed project Tuesday with the neighboring Saltaire’s condominium association board. Karen Carmichael, president of the St. Petersburg Downtown Neighborhood Association (SPDNA), confirmed that her organization also received a presentation Wednesday night.
Feldman Equities has partnered with Miami-based Property Markets Group (PMG) on an ambitious project. The joint venture plans to build the “five-star” tower under the Waldorf Astoria Hotels and Resorts brand at 150 2nd Ave. S.
“We appreciated the transparency, the outreach and the willingness of the developers to share what they already know about the plans for this building,” Carmichael told the Catalyst. “They clearly want to hear from the community, as they also plan to present to the neighboring buildings.
“They offered to present again when they have more information.”
A Property Markets Group-led joint venture is building the 100-story Waldorf Astoria Hotel & Residences Miami (center). Image: wareresidences.miami.
Carmichael said Feldman and PMG’s leadership did not provide renderings or documents. The plans are preliminary and subject to change.
The project, dubbed the Waldorf Astoria Residences St. Petersburg, would include 155 residences. It would not feature a hotel. However, it would offer over 10,000 square feet of commercial space fronting 2nd Avenue and 2nd Street South.
Mack Feldman, vice president of Feldman Equities, wrote in his July 1 letter that the redevelopment would provide a new parking garage with high-speed elevators and LED lighting. He said that would open “as soon as possible for use by City Center office tenants and visitors.”
“Any new development on the site of the parking garage would include new restaurants and shops that will greatly enhance nearby amenities for City Center tenants,” Feldman wrote.
Class A office space would occupy three floors above the development’s seven-story parking garage. Condominiums would follow.
In a subsequent prepared statement, Feldman wrote that PMG, City Office REIT and his firm are “actively finalizing plans to bring a 5-star, luxury-branded condominium project to St. Petersburg, which will continue to enhance the vision city officials and community leaders have for the city.” He could not provide additional comments.
“We are committed to working alongside key stakeholders to deliver a high-quality, architecturally significant development that will become a signature property in St. Petersburg,” Feldman said. “More information regarding plans for the development will be disclosed at a later date.”
At 44 stories, the Waldorf Astoria Residences St. Petersburg would rise roughly 450 to 500 feet above 2nd Avenue. That would put it between the 42-story One St. Petersburg, currently the city’s tallest building at 450 feet, and the Residences at 400 Central, which will top out at 46 stories and 515 feet when construction concludes in the fall of 2025.
The development would become the first luxury hotel-branded condominium building in St. Petersburg. It would also be the second nationally under the Waldorf Astoria’s moniker not to incorporate a hotel.
A rendering of the Waldorf Astoria Residences Pompano Beach, the first to eschew a branded hotel. Image: The Related Group.
A 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.
Once complete, the 100-story, 1,049-foot hybrid hotel-condo tower would become the tallest in the Southeastern U.S. A PMG representative said the firm “could not comment on that specifically” and deferred to Feldman’s statement when asked if its work with Waldorf Astoria would continue in St. Petersburg.
The City of St. Petersburg has no public records regarding the redevelopment. In his July 1 letter, Feldman noted the project would require an extensive planning process.
He told City Center tenants the building would remain fully operational through construction. The office tower is currently undergoing a multimillion-dollar renovation project.
Mike C
July 14, 2024at8:38 pm
The benefits from the luxury towers would seem to offset the drawbacks. They provide tremendous property tax revenue with little services burden (I would bet the buildings are typically 25-40% occupied on avg), so the city infrastructure is being funded by people who use few services. How many of the owners have kids in the schools? Agree, there needs to be offsets provided for more green space, trees, more parking garages, etc. I hope St. Pete doesnt aspire to be like NYC…. dirty, crime, concrete jungle.
Hugh Hazeltine
July 13, 2024at3:38 pm
Mr. Feldman briefed a meeting of the Downtown Neighborhood Association. This will be a concierge condo. There will only be valet parking. 24 Room service for the condos. It will have the finest restaurant in St. Petersburg. Mr. Feldman said that Waldorf will insist on it.
Donna Kostreva
July 12, 2024at9:06 pm
I am happy that I lived in St.Petersburg when a bus ride to the beach from the stop in front of my home was .50. The downtown area was filled with many quality shops where merchants would greet you,” I have something I think you may like.”
I would never move here now to this mini Miami. The traffic dept. should be fired.Parking is a nightmare. The roads are not for cars!Entire neighborhoods are being bought up by out of state LLCs. Young people will NEVER be able to own a single residence. They are doomed to being lifelong renters. “You will have nothing and be happy.” Lousy lack of leadership here!
Jon Tanner
July 12, 2024at4:44 pm
I heard that the planned restaurants and shops will be high end. I think that with all the extra condos and office space, infrastructure, including sewage and traffic, will be negatively impacted by the additional density. Downtown is already getting to be too built up. Not good for existing small businesses that will be forced out by higher rents. This building is too high for 2nd St and will ruin views from the marina, spoiling it for everyone.
Lucy Sage
July 12, 2024at4:21 pm
How about affordable housing?
Linda Moskowitz
July 12, 2024at3:53 pm
I think this building is a real detriment to the neighborhood: thoroughly out of context: too high and too dense: being squeezed in a small space. This building presents density issues, traffic issues; sewage issues and the like. Those of us who work x the street will endure noise, dust, etc for 4 years. If it has to go up. It should not go any higher than 25 to compliment Saltaire (not exceed nor match it), the bank, and the other side as well. In fact, It will look awful looking from the marina (400 looks awful).
the city needs to get a grip that parking is already y ultra tough, sewage etc is an issue and the fact is this is a flood zone: this is important fact; too dense, too heavy for what we endure here. The City of St Pete is not caring for its residents properly. we are being shut out while having to endure high prices, and a lower quality of life. Buildings are getting too tall and way to close to one another; a disaster in the making while lowering prop values all along. the only thing now is for all of us to attend city meetings and PUSH BACK : we want our city to not endure anymore.
JAMES R. GILLESPIE
July 12, 2024at3:44 pm
TIRED OF HEARING ABOUT OVERPRICED CONDO TOWERS WHICH INCREASE CONGESTION, PARKING PROBLEMS AND CROWDING OF RESTAURANTS.
John Donovan
July 12, 2024at3:30 pm
I’d like to see city build more general paid parking garages. And you are right, the Tropicana field redevelopment should include a convention/meeting center. Dog parks are nice. They produce zero revenue. Someone has to pay the freight!
Teresena Bryant
July 12, 2024at12:50 pm
I am deeply concerned about parking availability for patronizing restaurants in the area. It’s hard enough now. As a disable person, walking distance is not possible. There are enough condos, excessive tall buildings in the area presently. Very little green. Poor sewer drainage. I question how many of them are filled to complexity. Them small businesses in the area lack accessibility. Poor parking if you are driving. Bus service, not well scheduled and give Poor service to areas outside of Central Avenue. Suggest the Ray’s plan include a hotel/ convention center.