One of the most luxurious brands in the world has begun to build its foundation in Colorado.

Development group Property Markets Group (PMG) celebrated the groundbreaking of the Waldorf Astoria Residences in Denver’s Cherry Creek neighborhood Wednesday.

The Waldorf Astoria is among the most famous hotels in New York City. It was founded in the late 1800s and became a popular destination known for attracting socialites and the elite. The brand operated by Hilton has grown to more than 36 locations across the world.

This will be the first property by Waldorf Astoria in Colorado.

The Waldorf Astoria Residences Denver Cherry Creek will be home to 37 condominiums that include hotel-style personal concierge, doorman and bellman services.

Already, 65% of the condos in the building have been sold, said Dawn Raymond, a broker of Kentwood Real Estate leading sales for the Waldorf Astoria in Cherry Creek.

Work on the project began in 2021 when the developers bought the land at 185 Steele St. for $18.75 million, according to property records. The project later received $107.5 million in construction financing from Maxim Capital Group.

Ryan Shear, managing partner at PMG, said it’s “hard business” to design and get a development off the ground in Denver. But his team and Hilton saw an opportunity in Cherry Creek, he said.

Cherry Creek was alluring because it’s a high demand area with very few condos on the market, Shear said. He also mentioned it’s one of the most coveted neighborhoods in the West due to its access to the mountains and a thriving business community.

“There’s a baby boomer population that across the country is looking to move from homes into condos. In Cherry Creek, we found it unique,” he told The Denver Gazette. “There’s just a lack of this product.”

Condo development slowed considerably due to Colorado’s construction defect law that allows homeowners to sue builders over major issues such as cracks in the foundation or smaller issues such as leaks or defective cabinetry, which has driven up insurance costs and widened the “missing middle” gap in the housing market.

But being a “five-star branded condo product” helped make the development project feasible, Shear said.

“We just tried to deliver an extremely luxurious product and the demand was there for it,” he said. “So, it works.”

The number of sales before construction began prove it, he added.

The development aims to get residents moved in by the end of 2027, he said, though Waldorf Astoria set its official completion timeline for the first quarter of 2028.

URBAN LUXURY

The condo building aims to bring five-star hotel lifestyle to residential life.

In addition to the concierge service, the building will include amenities such as a “Peacock Alley-inspired” lounge and a restaurant on the ground level.

Waldorf Astoria is in the process of finding a “top restaurateur” that can meet the brand’s high standards within the next six months, Shear said.

Residents also will get perks such as discounted Hilton hotel rates and travel concierge assistance.

“The uniqueness of the Cherry Creek neighborhood is very intimate and connected, and it’s a small community,” said Ali Menke, senior associate at SAR+ Architects, the design firm hired for the building.

The architect said their team wanted it to make people feel like they were in the urban environment and connected to the outdoors — but also with a sense of privacy.

The condo building will include a rooftop pool with panoramic views of the Rocky Mountains and downtown Denver, electric vehicle charging stations, valet parking and a wellness center that includes massages, plus sauna and steam rooms.

Some of the condos will also include “semi-private” elevators and private balconies.

“We thought of it like a little nest in the city,” said Andy Rockmore, principal architect. “So, to have that privacy in a dense, urban neighborhood is a luxury in itself.”