A developer planning to build pricey condominiums in Cherry Creek has decided to be content with five stories.
Property Markets Group, which paid $29 million for a site along 2nd Avenue between late 2021 and early 2023, said last week it had withdrawn its rezoning application for the site.
That application, submitted to the City of Denver in April, had asked for zoning allowing up to eight stories.
“In the last year, PMG has continued to work with city and community officials on the proposed condominium project at 2nd Avenue and St. Paul Street,” PMG Managing Partner Ryan Shear said in a statement. “We believe bringing a 5-star, luxury-branded condominium project to Cherry Creek will continue to enhance the vision that its predecessors had, bringing many benefits to the area.”
“PMG is committed to working with key stakeholders and delivering high-quality design and project that will become a landmark building for the neighborhood,” Shear said.
The condo project is slated to be branded Waldorf Astoria, according to design documents submitted to the city in the spring. The high-end Hilton brand is also used for hotels, but the Cherry Creek project will be solely condos.
A new version of development plans submitted in August calls for 37 units on floors two through five. The first floor would feature a lobby and concierge space, as well as about 8,000 square feet of restaurant and retail space. The development site is 0.8 acres.
PMG has offices in New York and Miami, and a track record of major projects, including a 100-story Waldorf Astoria condo-and-hotel building currently under construction in Miami.
Some local developers had seen PMG’s rezoning request as an uphill battle given the Cherry Creek North business district was rezoned less than a decade ago, in 2014, following extensive community outreach.
The price that PMG paid for the land and the proposed condo count essentially guarantees that each unit will list for multiple millions.