National developer Property Markets Group broke ground on its first Waldorf Astoria condominium building in Colorado earlier this month.
The Waldorf Astoria Residences Denver Cherry Creek, at 185 Steele St., received $107.5 million in construction financing in August from Maxim Capital Group, according to PMG.
“Cherry Creek North’s blend of natural beauty, a thriving business sector and close proximity to the Denver metro makes it one of the most desirable neighborhoods in the West,” Ryan Shear, managing partner at PMG, said in a statement.
Dawn Raymond of Kentwood Real Estate is leading sales for the project.
“It's going to be a five-story building with one level of underground parking and 37 total residences,” Raymond told Homes.com.
PMG said floor plans for the development go up to 3,879 square feet, and pricing begins at $2.3 million. PMG didn't disclose the starting square footage.
Raymond said presales started earlier this year. PMG added that the building is over 60% sold. The development is slated to be completed in the first quarter of 2028.
Waldorf Astoria is the only branded condo project
PMG said the development is the only branded condo project being built in Cherry Creek North.
“We've got probably 10 different construction projects going on in Cherry Creek, and they're all either office buildings or apartments,” Raymond said.
Other construction projects include the redevelopment of a former Sears location, which is slated to be a mix of apartments and commercial space, according to Raymond. Across the street, a former Bed Bath & Beyond is part of a decadelong redevelopment plan.
When it comes to condos, the Waldorf will be one of the few in Cherry Creek North, Raymond said. There are a handful of other condominium buildings, including North Creek, which was completed in 2008; 250 Columbine, which was built in 2015, and Laurel, which dates to 2019.
Development sees mixture of buyers
Raymond said people are primarily buying these as second homes.
“It surprised me that there were so many local people that are buying,” Raymond said. “A lot of people with homes in the mountains that [might] want a city place, or they work here in Denver, and they live someplace else. It's kind of a mix.”
Amenities include signature restaurant and rooftop bar
According to PMG, amenities in the development are slated to include the Peacock Alley-inspired lounge, a signature restaurant on the ground level, a rooftop pool with bar and lounge areas and a wellness center that includes massage, sauna and steam rooms. The lounge is a nod to "the grand marble corridor connecting the Waldorf and Astoria hotels in 1897 New York. Peacock Alley earned its name from society writers observing the well-heeled 'peacocking' in their finest attire," according to a website run by Hilton. Waldorf Astoria is a Hilton brand.
PMG said other amenities include a fitness and movement studio, a lobby with a covered drop-off area and electric vehicle charging stations.