Kimpton Eyeing a Boutique in Austin
AUSTIN, TX, November 22, 2005. Kimpton Hotels & Restaurants is on track to manage a 250-room boutique hotel that will rise next to a 192-unit condo project, which will be developed by High Street Residential Inc., according to a local report. The two-acre site is situated where Red River Street dead-ends into Davis Street in a part of downtown Austin known as the Rainey Street area or the Waterfront District.
High Street, a subsidiary of Dallas-based Trammell Crow Co., owns the site and intends to build a 22-story condo project called the Shore on a little more than half the property, said Jamil Alam, a principal in the Austin office of Trammell Crow.
On the remaining portion of the land, JMI Realty LLC of San Diego plans to build a 250-room hotel, said Greg Clay, a senior vp in the company's Dallas office.
The hotel might also include a small number of high-end residences on the top floors, Clay said.
JMI is negotiating with Kimpton to manage the hotel. Jim Alderman, senior vp of acquisitions and development at Kimpton, declined to give specifics about the Austin project. But he said that JMI is its developer for the Austin market and a hotel similar to Kimpton's Hotel Solamar in San Diego would be a nice fit for the area. JMI developed that property.
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