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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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With Goldman Sachs on board, downtown high-rise set to break ground

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Austin Proper is soon to break ground on former water treatment facility.

The 33-story Austin Proper Hotel & Residences is expected to break ground in the next few weeks after Goldman Sachs & Co. brought its hefty Wall Street weight to the table in support of the project on the site of the former Green Water Treatment Plant.

The Kor Group is close to moving dirt, the Austin American-Statesman reports. The merchant banking division of Goldman Sachs is now a capital partner, according to an Aug. 2 announcement. The Austin Proper Hotel & Residences are planned to rise 32 stories on the site of the former Green Water Treatment Plant. …Read Entire Post

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Congress Avenue to change yet again; another tower turning dirt

big bite excavatorIn the past seven months, White Lodging Corp. has delivered two high-rise hotels in downtown Austin. The hospitality developer isn’t easing up on the gas pedal.

Company officials are set for the formal groundbreaking for a 32-story, dual hotel tower at Congress Avenue and Seventh Street on Aug. 24, including two hotel brands within the complex: Aloft Austin Downtown and Element Austin Downtown. …Read Entire Post

Construction starts on 366-room Westin hotel in downtown Austin

UnderConstruction_CraneConstruction has started on a second Westin hotel in Austin — a 366-room hotel that will rise 17 stories at the northeast corner of East Fifth Street and San Jacinto Boulevard.

The hotel is expected to generate significant economic benefits, including about 140 permanent jobs and an estimated $6.3 million in taxes annually in property, sales and City of Austin taxes. …Read Entire Post