Tampa Bay’s rise as a premier luxury real estate destination
Writer: Andrea Teran
February 2025 — Tampa Bay has witnessed a significant surge in luxury real estate developments. These high-end properties, often associated with prestigious hotel brands, have transformed the region’s skyline and elevated its status in the luxury market.
The launch of The Tampa Edition in 2022 marked a turning point for the area’s luxury market, introducing the first hotel-branded residences in the region. Since then, The Ritz-Carlton Residences on Bayshore Boulevard and the proposed Waldorf Astoria Residences in St. Petersburg have further cemented Tampa Bay’s status as a premier luxury destination. According to Savills, branded residences globally are expected to double over the next seven years, with Tampa Bay positioned to capture a significant share of that expansion.
In Sarasota and Naples, the luxury market continues to thrive. A $2.2 billion redevelopment in Naples is set to introduce up to 185 Four Seasons-branded condominiums, while the St. Regis Longboat Key Resort has already set new sales records, including a $21 million transaction — the highest-priced home sale in a seven-county region in 2024.
St. Petersburg is also emerging as a hotspot for luxury developments. The Waldorf Astoria Residences, slated to become the city’s tallest building, will offer 166 branded luxury condos along with retail and office space. Additionally, Kolter Urban has proposed a 162-unit luxury condo development at Corey Landing in St. Pete Beach, featuring waterfront views, a public park, and high-end retail.
Beyond condominiums, Tampa’s luxury market is diversifying. In the West River area, Related Group has unveiled Manor Riverside, an eight-story luxury apartment complex boasting high-end amenities. Meanwhile, developments like Altura Bayshore and Seasons Apartments are contributing to the upscale residential offerings in the city.
Industry leaders weighed in on Tampa Bay’s evolving luxury landscape, sharing insights on the region’s growth, demand drivers, and future trajectory.
Chris Southwick, General Manager, The Tampa Edition
I want Tampa to be recognized as a true luxury destination. Too often, people don’t view Tampa in that light. But we have the talent, creativity, and resources here. My goal is to shift that perception and put Tampa on par with other top luxury cities. The region has everything — amazing dining, culture, sports, and more. It’s just a matter of increasing awareness. We’re working hard to attract international visitors, especially from markets like South America that typically choose Miami. It’s a long-term strategy, but with the right effort and collaboration across the community, I believe we’ll get there.
Ron McAnaugh, Area General Manager, JW Marriott Tampa Water Street | Tampa Marriott Water Street
Tampa has significantly evolved in luxury offerings. Between the JW Marriott and The Edition, we’ve addressed the need for high-end accommodations. Groups like the NFL had previously expressed concerns about Tampa’s lack of luxury options, but that’s no longer an issue. Looking ahead, the Pendry Hotel from the Montage Group will open in a few years, further strengthening Tampa’s luxury market. While it’s not our property, we welcome the momentum it brings. Beyond Tampa, the St. Regis Longboat Key opened this year. Although outside Tampa, it’s a significant addition, with many guests flying into Tampa to access it. This property was Marriott’s 9,000th hotel worldwide, highlighting Tampa’s importance in our portfolio.
Vanessa Williams, General Manager, The Vinoy Resort & Golf Club
Tampa and St. Petersburg are distinct markets. Visitors choosing St. Petersburg aren’t just coming for The Vinoy; they’re also drawn to the destination itself. While our beaches are a big attraction, downtown St. Petersburg offers something unique: a walkable, vibrant area with cultural and culinary experiences. The Vinoy plays a significant role in elevating St. Petersburg’s profile within the broader Tampa Bay market. As the only luxury resort in downtown St. Petersburg, we hold a truly distinctive position. For guests seeking an elevated experience beyond the beaches, downtown St. Pete’s vibrant cultural and dining scene perfectly complements Vinoy’s offerings.
Dominic Pickering, Executive Director, BTI Partners
One trend I’ve noticed at Marina Pointe, which is likely also happening across other luxury high-rise developments, is the influx of buyers relocating to Tampa Bay. Many of these individuals aren’t just moving for work, but for the lifestyle. What’s particularly interesting is that many of these new residents have gone on to start businesses locally, driving further economic growth and job creation. Additionally, we’ve seen both global and U.S. companies relocate their headquarters to Tampa or open offices here, attracting more C-suite executives to the region. This has created even more demand for luxury condo residences, further elevating Tampa Bay’s status as a top destination for both living and doing business. It’s a trend that will continue to drive growth and benefit the region for years to come.
Jeff Callahan, Senior Vice President, Moss Construction
Luxury is in our DNA. Our team of top-tier professionals consistently delivers complex, high-end projects with meticulous quality control and schedule certainty. Over the last decade, Moss has set the standard for branded luxury real estate, including condos, hotels, and apartments, helping developers fulfill their visions and exceed market expectations.
Top image via Michelle_Raponi/Pixabay
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