Renderings for a Waldorf Astoria condo building were presented Tuesday morning to the Cherry Creek North Design Advisory Board. Property Markets Group (PMG), the development firm behind a 100-story Waldorf Astoria hotel and condo tower in Miami, and its architecture firm Shears Adkins Rockmore, showcased their design plans for the five-story Cherry Creek condo building located at 185 Steele St.
“Cherry Creek has been a specifically targeted neighborhood for us,” said Ryan Shear, PMG managing partner. “We love Denver, we’ve built in Denver before, and our intent was to introduce a high-end condo project into the city. We aim to provide the best and most seamless addition to the neighborhood.”
The proposed building will feature approximately 40 residential units across floors two through five, including seven penthouses on the top floor, six of which will have private rooftop terraces. The smallest units will be about 670 square feet, while the largest penthouse will span around 5,000 square feet. The roof will also include a common terrace space for residents, a bar, and a nearly 900-square-foot pool.
Plans indicate that the ground level of the building will house over 9,200 square feet of restaurant space, along with about 2,200 square feet dedicated to a residential lobby and concierge area. An existing alley running north to south through the site will be replaced by one running east to west south of the building, facilitating loading and access to car elevators for an underground parking garage.
Andy Rockmore of Shears Adkins Rockmore informed the board that the five-story building is designed to serve as a transition between shorter buildings to the east and taller buildings, up to 12 stories, to the west. Last year, PMG requested the city to rezone the property to allow up to eight stories but withdrew the application before city officials could discuss it.
The design board’s inquiries largely focused on the alley relocation and the open space, as Cherry Creek zoning mandates that 15 percent of the property must remain open. Several board members voiced concerns that the design deviates significantly from neighboring structures and may not integrate well within Cherry Creek.
“We believe it fits with the district character,” Rockmore responded. “Our goal is to achieve a higher standard, to raise the bar.”
Ultimately, the board did not approve the designs and requested that the applicants address concerns regarding mass reduction and open space.
PMG, which has offices in New York and Miami, acquired the 0.81-acre site in multiple transactions between late 2021 and early 2023 for $29.1 million, public records show. The site includes the former Piatti and Bombay Clay Oven restaurant buildings. Given the price PMG paid for the land and the proposed condo count, each unit is expected to list for multiple millions. For reference, three-bedroom condos in PMG’s Miami tower start at $3.3 million.
PMG also owns the block where TV station Denver7 operated for decades and plans to develop an apartment project there. The station has recently relocated to 2323 Delgany St. in RiNo.
Key Points:
A new Waldorf Astoria luxury condo development has been proposed for Cherry Creek North in Denver, Colorado. Here are the key details about the project:
Location and Size:
– The development is planned for 185 N. Steele St. in Cherry Creek North.
– It will be a 5-story, 172,000-square-foot luxury condo building.
Units and Amenities:
– The project will offer 40 condo units.
– Condos will range in size from 1,894 to 2,879 square feet, with larger penthouse units planned.
– Plans include unit balconies and an amenity deck.
Additional Features:
– A 70-stall underground parking garage.
– 4,360 square feet allocated for a street-level restaurant and bar on the corner of 2nd Ave and St. Paul.
– 3,532 square feet of retail space on the corner of Steele and 2nd Ave.
Development Team:
– The developer is PMG (Property Markets Group), a national investment, development, and asset management firm.
– The architect for the project is Shears Adkins Rockmore.
Timeline:
– The proposed start date is January 1, 2025, with completion expected in 2026.
Brand Association:
– The development is associated with Waldorf Astoria, a luxury Hilton brand.
Recent Updates:
– Renderings for the Waldorf Astoria condo building were presented to the Cherry Creek North Design Advisory Board on July 9, 2024.
– The developer previously dropped a rezoning bid for the project, deciding to proceed with a five-story design.
This Waldorf Astoria development is part of a larger construction boom in Cherry Creek North, which is transforming the area into a mixed-use district with new office, retail, and residential projects.
