A groundbreaking could happen within the next few weeks for the Austin Proper Hotel & Residences, a residential and hotel development slated to open in late 2017 on Nueces Street in the Green Water Treatment Plant redevelopment.
The Austin American-Statesman reports that Goldman Sachs & Co.’s merchant banking division is now a capital partner on the project. The project’s developer, The Kor Group, has said that it will turn dirt soon now that financing is in place. The building is expected to open in 2018.
The 33-story hotel and condominium development will include 100 condo units with price points from $600,000 to $3 million, with penthouses starting at $3.4 million. The residences are part of a 35-floor development that also includes the 250-room Austin Proper Hotel.
The Kor Group has said that 40 percent of the condominium units have been reserved by buyers. Units will range in size from 850 square feet to 2,800 square feet, and penthouses from 3,300 square feet to 6,000 square feet.
The project will also include restaurants and a coffee shop run by the McGuire Moorman Hospitality Group.
The Kor Group is developing Austin Proper in partnership with Proper Hospitality. Handel Architects LLP is the architect for the Proper, and designer Kelly Wearstler is designing the interiors of the hotel and residences. Trammell Crow is the master developer of the Green redevelopment.