California Developer Closes Deal For New Hotel-Condo Tower

California's Kor Group has purchased half an acre of downtown land near Cesar Chavez and San Antonio streets, where it plans to build a tower featuring the Austin Proper hotel and residences. Trammell Crow Company, which is redeveloping the former site of Austin's Green Water Treatment Plant—a sort of almost-lakefront twin to the nearby, refurbished Seaholm Power Plant—sold Kor Group the property for an undisclosed amount.

According to the Austin Business Journal, Austin Proper is part of a new hospitality brand that opened Hollywood Proper Residences in June 2016; plans are to open San Francisco Proper Hotel in June 2017, followed by a Austin Proper Hotel & Residences launch with a 244-room hotel along with 99 condos ranging from 800 square feet in size to 6,000-square-foot penthouses.

The Austin-American Statesman reports that the Kor Group plans to break ground on the Austin Proper, which will be just around the corner from the Independent's "Jenga" tower, in the spring.

Note: This article has been updated to correct the timeline of Proper Hotel Residences' opening and the number of hotel rooms and suites in the Austin Proper Hotel & Residences.