A rendering of Waldorf Astoria Residences Denver Cherry Creek. (Courtesy ARX Creative)
A Waldorf Astoria-branded condominium project planned for Denver’s Cherry Creek neighborhood will have eight-figure price tags.
“The penthouse units — some of them will be north of $10 million,” said Dan Kaplan, managing partner of Property Markets Group.
PMG, which is based in Miami, expects to break ground on the five-story, 37-unit project at 185 Steele St. by the third quarter of next year. That would set it up for completion in 2027.
Demolition of existing structures at the site will likely begin in late January, Kaplan said.
PMG tapped Dawn Raymond of Kentwood Real Estate to lead sales for the building. Kaplan said that effort officially began this week, and that deposits have already been put down for 30 percent of the units, including two of the four penthouses.
The largest penthouse is 4,300 square feet, Kaplan said. The building’s cheapest unit, at $2.3 million, is 1,350 square feet. He noted that buyers may ultimately combine multiple units into one.
A majority of units will include semiprivate elevators and private balconies, according to PMG. The building will have a high-end restaurant on the ground floor, although an operator has yet to be picked.
“It will be something special,” Kaplan said.
Denver-based Shears Adkins Rockmore is leading concept design for the building in conjunction with architect Carlos Ott. BAMO is the interior designer.
A sale north of $10 million would set a record for a Cherry Creek condo. The $9.3 million sale of a nearly 11,000-square-foot unit at 100 Detroit St. last December currently holds the top spot. That unit initially listed for $12.9 million.
The high-water market for condo sales in Denver itself is $16 million, set in 2020 for one of two penthouses atop the 45-story Four Seasons tower downtown.
A rendering of a rooftop lounge at Waldorf Astoria Residences Denver Cherry Creek. (Courtesy ARX Creative)
While Cherry Creek has had pricey real estate for years, PMG raised eyebrows when the firm spent $29.1 million across multiple transactions between late 2021 and early 2023 to buy 0.8 acres along 2nd Avenue between Steele and Saint Paul streets, according to public records.
That works out to $822 a square foot on average, although one seller received $1,322 a square foot, quadruple what he’d paid two years earlier.
PMG initially sought to rezone its holdings to allow up to eight stories, but the firm abandoned that effort last year before going before Denver’s Planning Board. Kaplan said that was the result of community outreach that indicated there would be significant opposition.
“We work in a business that has enough complications,” he said.
PMG is building a 100-story Waldorf Astoria tower in Miami with both a hotel and residences, although Kaplan said he doubts anyone in the company “would raise their hand and suggest we do anything like it again.”
Ideally, he said, the Miami project would be a bit smaller, and the Cherry Creek project a bit bigger, as PMG initially hoped it would be.
“On a marginal basis, the project is a lot less profitable today than it would’ve been otherwise,” Kaplan said of Cherry Creek.
PMG also owns the site at Lincoln and Speer where TV station Denver7 operated before moving to RiNo this summer. The firm plans to eventually build apartments there, but the start of construction is further out.
“We have no plans to begin that project for probably at least the next 18 months,” Kaplan said.
A rendering of Waldorf Astoria Residences Denver Cherry Creek. (Courtesy ARX Creative)
A Waldorf Astoria-branded condominium project planned for Denver’s Cherry Creek neighborhood will have eight-figure price tags.
“The penthouse units — some of them will be north of $10 million,” said Dan Kaplan, managing partner of Property Markets Group.
PMG, which is based in Miami, expects to break ground on the five-story, 37-unit project at 185 Steele St. by the third quarter of next year. That would set it up for completion in 2027.
Demolition of existing structures at the site will likely begin in late January, Kaplan said.
PMG tapped Dawn Raymond of Kentwood Real Estate to lead sales for the building. Kaplan said that effort officially began this week, and that deposits have already been put down for 30 percent of the units, including two of the four penthouses.
The largest penthouse is 4,300 square feet, Kaplan said. The building’s cheapest unit, at $2.3 million, is 1,350 square feet. He noted that buyers may ultimately combine multiple units into one.
A majority of units will include semiprivate elevators and private balconies, according to PMG. The building will have a high-end restaurant on the ground floor, although an operator has yet to be picked.
“It will be something special,” Kaplan said.
Denver-based Shears Adkins Rockmore is leading concept design for the building in conjunction with architect Carlos Ott. BAMO is the interior designer.
A sale north of $10 million would set a record for a Cherry Creek condo. The $9.3 million sale of a nearly 11,000-square-foot unit at 100 Detroit St. last December currently holds the top spot. That unit initially listed for $12.9 million.
The high-water market for condo sales in Denver itself is $16 million, set in 2020 for one of two penthouses atop the 45-story Four Seasons tower downtown.
A rendering of a rooftop lounge at Waldorf Astoria Residences Denver Cherry Creek. (Courtesy ARX Creative)
While Cherry Creek has had pricey real estate for years, PMG raised eyebrows when the firm spent $29.1 million across multiple transactions between late 2021 and early 2023 to buy 0.8 acres along 2nd Avenue between Steele and Saint Paul streets, according to public records.
That works out to $822 a square foot on average, although one seller received $1,322 a square foot, quadruple what he’d paid two years earlier.
PMG initially sought to rezone its holdings to allow up to eight stories, but the firm abandoned that effort last year before going before Denver’s Planning Board. Kaplan said that was the result of community outreach that indicated there would be significant opposition.
“We work in a business that has enough complications,” he said.
PMG is building a 100-story Waldorf Astoria tower in Miami with both a hotel and residences, although Kaplan said he doubts anyone in the company “would raise their hand and suggest we do anything like it again.”
Ideally, he said, the Miami project would be a bit smaller, and the Cherry Creek project a bit bigger, as PMG initially hoped it would be.
“On a marginal basis, the project is a lot less profitable today than it would’ve been otherwise,” Kaplan said of Cherry Creek.
PMG also owns the site at Lincoln and Speer where TV station Denver7 operated before moving to RiNo this summer. The firm plans to eventually build apartments there, but the start of construction is further out.
“We have no plans to begin that project for probably at least the next 18 months,” Kaplan said.
