[et_pb_section fb_built=”1″ _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_row _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n
<\/strong><\/p>\n Denver, CO<\/strong> \u2013 A luxury condominium project in the prestigious Cherry Creek neighborhood is set to redefine the city’s real estate market. Property Markets Group (PMG) has announced plans for a Waldorf Astoria-branded development at 185 Steele St., featuring units with price tags reaching the eight-figure range.<\/span><\/p>\n The penthouse units, in particular, are expected to be among the most expensive residential properties ever sold in Denver. With asking prices surpassing $10 million, these high-end residences are poised to shatter the current record for Cherry Creek condos. A nearly 11,000-square-foot unit held the previous record at 100 Detroit St., which sold for $9.3 million last December.<\/span><\/p>\n The five-story, 37-unit project is scheduled to break ground in the third quarter of 2025 and be completed in 2027. Demolition of existing structures on the site is expected to begin in late January.<\/span><\/p>\n PMG has reportedly already received deposits for 30% of the units, including two of the four penthouses. The largest penthouse is 4,300 square feet, while the most affordable unit is $2.3 million.<\/span><\/p>\n The building will offer a range of amenities, including semi-private elevators, private balconies, and a high-end restaurant on the ground floor. Denver-based Shears Adkins Rockmore is leading the concept design, with architect Carlos Ott and interior designer BAMO also involved in the project.<\/span><\/p>\n<\/div>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/cherrycreek.life\/wp-content\/uploads\/2024\/10\/w0.png” title_text=”w0″ _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_divider _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Denver, CO<\/strong> \u2013 Property Markets Group (PMG) has faced significant hurdles in its development plans for a luxury condominium project in Denver’s Cherry Creek neighborhood. The firm’s acquisition of 0.8 acres of land along 2nd Avenue between Steele and Saint Paul streets for $29.1 million raised eyebrows due to its high price tag.<\/span><\/p>\n At an average cost of $822 per square foot, PMG’s land purchase was considerably more expensive than previous transactions in the area. One seller even received a staggering $1,322 per square foot, quadruple what he had paid just two years earlier.<\/span><\/p>\n Initially, PMG sought to rezone the property to allow for a development of up to eight stories. However, the firm abandoned these plans following community outreach, indicating significant opposition. According to PMG’s managing partner, Dan Kaplan, the decision to leave the rezoning effort was made to avoid unnecessary complications.<\/span><\/p>\n While PMG is developing a 100-story Waldorf Astoria tower in Miami, Kaplan has stated that he doubts the company would undertake a similar project again. He preferred a slightly smaller-scale project in Miami and a larger-scale development in Cherry Creek.<\/span><\/p>\n The challenges faced in Cherry Creek have impacted the project’s profitability. Kaplan acknowledged that the project is significantly less profitable today than it would have been if PMG had been able to proceed with its original plans.<\/span><\/p>\n In addition to the Cherry Creek development, PMG owns the Lincoln and Speer site, where TV station Denver7 operated before relocating to RiNo. The firm plans to construct apartments on this site, but the construction is not expected to begin for at least 18 months.<\/span><\/p>\n<\/div>\n [\/et_pb_text][et_pb_divider _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_image src=”https:\/\/cherrycreek.life\/wp-content\/uploads\/2024\/10\/w0.0.0.png” title_text=”w0.0.0″ _builder_version=”4.25.1″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" The Waldorf Astoria project will break ground next year and offer $10M penthouse units. Denver, CO \u2013 A luxury condominium project in the prestigious Cherry Creek neighborhood is set to redefine the city’s real estate market. Property Markets Group (PMG) has announced plans for a Waldorf Astoria-branded development at 185 Steele St., featuring units with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-8078","post","type-post","status-publish","format-standard","hentry","category-cherry_creek_news_cherrycreek-life_laurel_condos_retail_construction_completed"],"_links":{"self":[{"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/posts\/8078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/comments?post=8078"}],"version-history":[{"count":0,"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/posts\/8078\/revisions"}],"wp:attachment":[{"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/media?parent=8078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/categories?post=8078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cherrycreek.life\/index.php\/wp-json\/wp\/v2\/tags?post=8078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Cherry Creek Development Faces Challenges Amid High Land Costs<\/h2>\n