Miami’s First Waldorf Set to Rise 1,000 Feet Over Biscayne Bay
- Developer targets branded residences with $1 billion sell-out
- Hilton expands luxury brand while NYC flagship is renovated
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A real estate developer has signed a contract for the first Waldorf Astoria in Miami, betting that a famous-named hotel in a 1,049-foot skyscraper will help sell condos in a market awash in high-end units.
Property Markets Group, co-developer of 111 W. 57th St. on Manhattan’s Billionaires’ Row, plans to break ground next year on the 140-key hotel and about 400 apartments. The design calls for nine offset glass cubes overlooking Biscayne Bay, a stark contrast with Waldorf’s art deco flagship in New York, currently closed for extensive renovations. Total sales are projected to top $1 billion, according to Ryan Shear, a principal.