Hotel Van Zandt

From Urban Austin

San Diego-based JMI Realty LLC originally announced plans to break ground in 2008 on a $125 million, 29-story boutique hotel and condominium project in downtown Austin's emerging Waterfront District. Kimpton Hotels & Restaurants had agreed to manage the development's 308-room Hotel Van Zandt - which would have occupied the building's first 16 floors. Additionally, JMI planned on developing 55 luxury condominiums, which would have been located on floors 17-29. These units would have ranged in size from 1,450 to 5,200 square feet. Prices starting from $500,000 and rise up to $2 million for a penthouse.

The development will be adjacent to High Street Residential Inc's 192-unit, 22-story The Shore condominium project.

In August 2008, JMI revealed a cut-back version of their development. Due to the nation's economic correction in the housing market, it made it difficult for JMI to secure funding for the condo portion of the tower. However, they have found a lender who is willing to provide interim construction financing for the $90 million hotel portion. Thus, JMI made the decision to move forward with their plan for the hotel and scrap plans for the 55 condos. This has resulted in a 16-story tower; down from 29.

The project will still consist of 307 boutique hotel rooms, 12,000 SF of meeting space, a 6,800 SF restaurant, a 1,300 SF fitness facility, and a large pool desk.