Waldorf for Philadelphia on Hold

The Philadelphia Inquirer is reporting that the Waldorf Astoria Hotel planned for 1441 Chestnut St., next to the Ritz-Carlton in Center City, is officially on hold, due to market conditions.

According to the report, the $420 million project was to include upscale retail, a signature restaurant, seven floors of valet parking, and a spa, as well as 136 luxury condos, starting at $1 million, above a five-star hotel.

The hotel was expected to open in the summer of 2012.