GEORGETOWN - Construction is underway on one of Georgetown's first luxury mixed-use developments, which will include a seven-story, four-star Sheraton hotel and conference center.
The Summit at Rivery Park project has been in the works for some time, and finally the tax increment financing and development team has moved it first shovel of dirt on a 32-acre site west of I-35 and north of SH 29.
Hines, based in Houston, is teaming up with Georgetown-based Novak Brothers.
The 222-room hotel, which will include a 30,000-sf conference center, is scheduled to deliver in summer 2016.
A three-level parking garage, along with various Rd. and utility infrastructure, also will be built in part with public monies — about $13.25 million.
Novak Brothers has already built 31 brownstone homes at the site. About 114 brownstones ultimately will be built along with 223 apartment units.
The project also will include restaurants and retail shops.
The City of Georgetown, the Georgetown Economic Development Corp. and the Georgetown Transportation Enhancement Corp. are jointly involved in the complex financing package. Property and sales tax receipts generated by the development will be collected into a fund that will reimburse the parties over the long run.