Waldorf St. Pete sales get boost from waterfront views

Waldorf Astoria Residences St. Petersburg has surpassed $100 million in presales, a threshold developers use to support construction financing for large condominium towers.

The planned 50-story project at 150 Second Ave. S. has also secured a $27 million penthouse contract, which the development team described as the highest-priced condominium sale in Tampa Bay history.

For some buyers, the decision comes down to a simple question: what can be built between their unit and the waterfront?

Andy Slutkin, a Baltimore attorney, said he and his wife bought a residence for $4.4 million after studying waterfront condominium options across downtown St. Petersburg, the developers behind them and the parcels around them.

“As attorneys, we did a bunch of what I would call due diligence,” Slutkin said. “We looked at the long-term plan in downtown St. Petersburg to ensure that no one could take away our view.”

Buyers committing several million dollars years before delivery are comparing not just floor plans and finishes, but the parcels in front of each tower and what those sites could support over time.

Waldorf Astoria Residences is being developed by PMG and Feldman Equities, together with City Office REIT. Hilton is licensing the Waldorf Astoria brand and is expected to manage the property. Plans call for 163 residences, 73,000 square feet of office space and about 10,000 square feet of ground-floor retail.

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Part of the appeal comes from the land across from the site. St. Petersburg’s charter restricts the sale or long-term lease of designated city-owned park and waterfront property without voter approval.

The provision was written to protect public shoreline land. It does not guarantee private views, but it does make some forms of redevelopment on certain waterfront parcels nearly impossible to carry out without significant public participation.

The property on which the project’s current sales gallery is located, which sits directly in front of the future tower site, will also be subject to a height restriction negotiated as part of the transaction with the developer.

Slutkin said he and his wife ruled out other waterfront options where nearby parcels left more room for future vertical development that could alter sightlines.

“A couple of the other buildings we were considering had potential for an obstructed view, and that was a real concern to us,” he said.

At Waldorf, he said, they saw greater long-term certainty

“There’s some risk,” he said. “But there’s risk in any financial transaction like this.”

That approach reflects how high-end condominium buyers are evaluating projects. A residence priced in the millions functions as both a home and a long-term asset. Buyers are underwriting the unit and the surroundings at the same time.

In a previous TBBW interview, David Moyer, executive vice president of developer services at Smith & Associates Real Estate, said branded residences attract a broader pool of buyers by pairing luxury design with a recognized name and service standards. For out-of-market buyers, that recognition reduces uncertainty.

Slutkin said he and his wife had long assumed they would end up in South Florida, but wanted something different as they look toward retirement.

“It’s loud in the season. The traffic’s terrible. And we just wanted something different,” he said.

He described downtown St. Petersburg as walkable and easier to navigate day to day, with access to restaurants, cultural institutions and regional airports.

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The couple considered buying a single-family home, then chose a condominium to reduce maintenance while they continue practicing law and transition into retirement.

The development’s amenity package follows the expectations of a branded tower, including a 20,000-square-foot pool deck, dual pools, a wellness spa, fitness center, concierge and valet services. Those features support pricing and positioning.

Early sales suggest buyers have confidence in both the product and the constraints around it. In a waterfront market where land is limited and future development remains an open variable, that clarity has value.

The tower remains in development. Presales are not closings, and contracts do not convert to revenue until delivery. Construction timing, financing and execution will determine how those early commitments translate.

For now, early activity suggests a shift in how buyers approach luxury towers in downtown St. Petersburg, with the view becoming part of the underwriting.