Waldorf Astoria Residences St. Petersburg has officially passed $200 million in sales before a single shovel has hit the ground. The $500 million, 50-story tower planned for 150 2nd Avenue South will rise about 540 feet and will become St. Petersburg's tallest building and the city's first five-star branded condominium tower. The total already includes a $27 million penthouse, the most expensive condo ever sold in Tampa Bay, with Property Markets Group and Feldman Equities targeting a groundbreaking by the end of 2026.
Next door is City Center, the office building Larry Feldman owns, and his St. Petersburg firm, Feldman Equities, is developing the tower in partnership with PMG. The Miami developer is led by founder and CEO Kevin Maloney and managing partner Ryan Shear. PMG is nearing completion on Waldorf Astoria Miami, the tower set to be Florida's tallest, and is bringing the same brand to St. Petersburg. City Office REIT and Tower Realty Partners round out the ownership group.
The residential tower will cantilever over a 17-story podium so that it appears to float above it, with a double-height ground floor at the base and 11 parking levels holding 754 spaces and bicycle storage inside the podium. Every residence will be delivered fully finished, entered through a private foyer and opening onto an expansive terrace facing Tampa Bay. The kitchens will be Italian, fitted with Sub-Zero and Wolf appliances, and the bathrooms will carry Waterworks fixtures, natural stone, Italian vanities, and freestanding tubs. Closets will come custom-built out, with smart-home technology and curated lighting running through the homes.
Two 11,000-square-foot, two-story penthouses will occupy floors 49 and 50, each with a 50-foot private rooftop pool looking over the bay and a private movie theater. One sold in July 2025 for $27 million to a buyer described as a local business leader and longtime supporter of St. Petersburg, more than double the previous regional record, an $11.6 million Ritz-Carlton Residences Tampa penthouse in 2021, and well clear of St. Pete's own prior high of $8.25 million, set at Saltaire in 2024. Jonathan Wingo, Hilton's global head of residential programs, called it a "landmark sale" that shows the value a Waldorf Astoria Residences brings to its residents and the destination. The second penthouse remains available.
Roughly 43,000 square feet of amenities will be split between two levels of the tower. Level 18 will hold a 20,000-square-foot resort deck with a 160-foot east-facing pool and a sunset pool with dual spas, ringed by cabanas, lounges, and a bar, along with massage rooms, his-and-hers saunas, steam rooms, a cold plunge, a fitness and movement studio, and a kids and teen club. Near the top of the building, just below the penthouse floors, a Sky Lounge inspired by Peacock Alley, the famed promenade at the original Waldorf Astoria New York, will pair a sunset bar with its own pool deck, lounges, and terrace. Residents will have a 24-hour concierge, valet, doorman and bellman, à la carte Waldorf Astoria services, a pet spa, EV charging, a curated lobby arrival, and a signature restaurant.
The tower site sits directly behind City Center, where a sales gallery and a mock residence costing more than $100,000, with simulated views from the tower's height, opened on September 17, 2025, an event PMG managing partner Dan Kaplan called a "coming of age ceremony" for the city.
Sales launched in April 2025 with prices starting at $2.5 million, passed $100 million in October 2025 and crossed $200 million by June 2026, about eight months later. The second $100 million landed at nearly the pace of the first six months, with the entry price up $400,000 to $2.9 million in the meantime. Among the out-of-state buyers in that total are Baltimore attorney Andy Slutkin and his wife, who paid $4.4 million for a residence after studying which waterfront parcels could one day block their view. The city's charter restricts the sale or long-term lease of city-owned park and waterfront land without voter approval. "There's a real energy in St. Petersburg right now, with a growing demand for elevated, design-driven living," Maloney said.
Feldman said he is "eagerly looking ahead to a groundbreaking alongside our partners at PMG," with that start targeted by the end of 2026 and roughly 30 months of construction by PMG's estimate. Completion is scheduled for 2030. Residences at Waldorf Astoria Residences St. Petersburg start at $2.9 million, with one of the two penthouses is still available.