Waldorf Astoria Residences tops $200 million in sales ahead of groundbreaking
/St. Petersburg’s first hotel-branded luxury condo tower has surpassed $200 million in sales ahead of its anticipated groundbreaking later this year.
The 50-story, 163-unit Waldorf Astoria Residences St. Petersburg, planned for 150 2nd Avenue South, reached the sales milestone roughly eight months after the development team announced the project had exceeded $100 million in sales.
The tower, which is expected to become the tallest building in the city, is being co-developed by Miami-based Property Markets Group (PMG) and St. Petersburg-based Feldman Equities, in partnership with Vancouver-based City Office REIT and Orlando-based Tower Realty Partners.
“Reaching $200 million sold at Waldorf Astoria Residences St. Petersburg is a landmark achievement and a powerful signal that demand for highly amenitized, hospitality-driven luxury residences in the Greater Tampa Bay Area is real and growing,” PMG Managing Partner Ryan Shear said in an announcement.
The $500 million tower will feature two- and three-bedroom residences, with prices currently starting at $2.9 million.
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A long-delayed project that will deliver 24 affordable homes for working families is nearing completion and preparing to welcome its first residents.
The bright white-and-blue, two-story townhomes line 6th and 7th avenues South near 22nd Street South, directly across from the Manhattan Casino.
The City of St. Petersburg purchased the land in 2007 for $2.2 million using a federal grant. However, the project was not announced until 2019 under former Mayor Rick Kriseman as part of the broader Deuces Rising initiative, which aims to revitalize the Deuces, the historic African American entertainment and business district along the 22nd Street South corridor.
Built by Tampa-based Horus Construction Services, the development includes twelve 1,780-square-foot townhomes with three bedrooms and twelve 1,525-square-foot townhomes with two bedrooms.