Posted Oct 24, 2024, 3:17 PM
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Reluctant Hobbesian
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Join Date: Feb 2002
Location: Denver
Posts: 13,215
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Quote:
Originally Posted by laniroj
If you factor in oil, housing, and the 'cost' of interest rates, we are well into a stagflation cycle depending on what industry you're in. Professional services, hospitality, food and beverage, insurance, medical providers, construction, oil/gas, etc etc - these are GIANT industries and are all experiencing components of or full on stagflation at this very moment. Many industries are still growing, which is good, but growing with less profitability, which is a slippery slope.
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Don't thinks that's exactly stagflation, but get how these industries are being buffeted by higher costs and decreasing margins....except O&G (fuck those coddled assholes). We're certainly in need of a lower interest rate environment, or enough consumer purchasing power growth to offset increases, to move forward in this new normal.
Anyways, I find this project to be architecturally beautiful and very poorly located. That rooftop lounge is going to have dick for views in ~5 years or so given the location on the east side of CC and being only five stories:
Image Link
Waldorf Astoria condo project, with $10M penthouses, to break ground next year
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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.
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The article also has an update on Golden Triangle Project:
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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.
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