AUSTIN – Goldman, Sachs & Co. has joined forces with the Kor Group in developing a 33-story hotel and condominium project in downtown Austin.
The 500,000 SF project, called Proper Hotel & Residences, will break ground in the second quarter and is slated for completion in 2018.
The Proper Hotel will have 244 hotel rooms and 99 condos priced at $600,000 to $3 million. Large penthouses will be priced as high as $8 million.
The hotel, to be located at West Second and Nueces streets, is part Trammell Crow’s development of the former Green Water Treatment Plant property.
The hotel will be adjacent to a new office building anchored by Google’s offices.
The 1.7 million SF Green Water development will be a mixed-use development space including Class A office space, residential towers, retail and restaurants.
Founded in 1869, the Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals.
“We are thrilled to have the world-class Goldman Sachs team join us in the development of Austin Proper Hotel & Residences, as we believe they are the ideal capital partner to help us realize our vision of positioning this project as the ultimate luxury lifestyle hotel and residential offering in the Austin market.” said Brian De Lowe, President and Co-Founder of Proper Hospitality and Partner at The Kor Group.