Waldorf=Astoria Plans Philadelphia Project

Waldorf=Astoria Hotel has announced their latest project, a Waldorf Astoria Hotel and Residences in Philadelphia. The $420-million development will be 58 stories and will include a 175-room hotel and 136 private residences starting at $1 million each. The property will also be home to a spa, conference room, a boutique shop and a restaurant. The granite and glass tower is to be designed by Cope Linder Architects of Philadelphia and the most desirable units will be the eight custom Bi-Level penthouses with internal private elevators, grand staircases and some of the highest walkout terraces in the city.

Some are wondering if there are enough buyers for all the condo projects being built in Philadelphia. While Philadelphia does have less construction than other large cities it also has a large inventory of condos for sale and plenty of projects currently underway which will push more units into a crowded marketplace. Perhaps by the time these condos are ready in 2012, the condo market will be a bit warmer.