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 31-acre office property along McCann Lake has received preliminary approval for what would become the largest apartment community in Pinellas Park, with 552 units, including at least 221 affordable apartments.
City staff approved the preliminary site plan on September 30th for 10222 MCI Drive in the Gateway Centre Business Park.
The two-phase development would replace an office campus with nine four-story apartment buildings, two clubhouses, pickleball courts, and 847 parking spaces.
The apartment proposal relies on Florida’s Live Local Act, which allows residential development on the industrially zoned property, provided that at least 40% of the apartments, or at least 221 units, are reserved for households earning at or below 120% of the area median income for a minimum of 30 years.
The remaining 331 apartments would be leased at market rates.
Plans call for apartments ranging from studios to three-bedroom units. All nine residential buildings would rise four stories, with a maximum height of 50 feet.