Austin Proper Hotel & Residences, the premier luxury lifestyle hotel and residential offering in Austin, held a groundbreaking celebration Friday, September 9, kicking off construction on the highly-anticipated mixed-use tower. The ceremony was attended by project developer The Kor Group, members of the City of Austin Economic Development Department, Trammell Crow and others from the project team. The groundbreaking follows a recent announcement naming the Merchant Banking Division of Goldman, Sachs & Co. as capital partner for the hotel and residences, slated to open in 2018.
The 33-story, 500,000 square-foot project in downtown Austin will be managed and branded by the lifestyle hotel operator, Proper Hospitality. The tower will feature 244 hotel rooms with interior design by international style icon Kelly Wearstler; multiple dining options by McGuire Moorman Hospitality; and over 12,000 square feet of indoor and outdoor meeting and event space. Perched atop the hotel are 99 exclusive for-sale condominium residences and penthouses, which are quickly pre-selling. Residences are currently priced from $600,000-$3,000,000 and penthouses from $3,400,000.
“From the very first conceptual discussions to this wonderful milestone in our development, the entire community has been exceedingly receptive, focused and collaborative,” said Brian De Lowe, President and Co-Founder of Proper Hospitality and Partner at The Kor Group. “We feel extremely encouraged to be working so closely with such a talented team to bring this transformative development to market.”
The project is a cornerstone of the redevelopment of the former Thomas C. Green Water Treatment Plant, which is being led by the Trammell Crow Company under a Master Development Agreement with the City of Austin’s Economic Development Department. The Green Water Redevelopment will return 4 acres of prime downtown property to the tax base while delivering 1.7 million square feet of mixed-use development including residential, office, retail/restaurant and hospitality. The redevelopment supports community efforts to make downtown more vibrant, walkable and livable, while contributing affordable housing resources.
“We’ve found an extraordinary partner in The Kor Group and their Austin Proper development, which will be central to the Greenwater Development,” said Adam Nims, Principal, Trammel Crow Company. The luxury hotel and residential offering completes our vision of making Greenwater the ultimate lifestyle work/live/stay/play development in all of Austin.”
Austin Proper Residences will combine the benefits of home ownership with the energy, style, service and privilege of a boutique luxury hotel. Buyers have their choice of one to three-bedroom residences that range from 921 to 2,608 square feet, and one and two-story penthouses ranging from 3,425 to 6,789 square feet. The residences and penthouses will feature floor-to-ceiling windows for optimal views and natural light, spacious outdoor decks, and sweeping views of both Lady Bird Lake and the Texas Hill Country.
Property amenities include full hotel services for both residents and guests; two roof decks with swimming pools; a full spa and fitness center; a signature lobby restaurant and lounge; a coffee shop; and an elevated poolside restaurant. As an added value, owners at Austin Proper will receive exclusive privileges and benefits such as priority dining and spa reservations, preferred pricing on hotel services and accommodations for friends and family, four stories of underground parking, as well as extended benefits across all Proper hotels.
“The City of Austin’s Economic Development Department is delighted to see the third of four blocks of the former Green Water Treatment Plant beginning construction,” said Economic Development Department Director, Kevin Johns. “When complete, the redevelopment will be a seamless connection between Austin’s award-winning 2nd Street retail district, the Seaholm Power Plant Redevelopment, and New Central Library.”
“We’re grateful to work with such fantastic partners at the Economic Development Department, who have been phenomenal throughout the entire planning and permitting process. We are excited to have started construction on the third block at the Greenwater Development,” said Matt Green, Austin Managing Partner, The Kor Group.
The Austin Proper Hotel & Residences Team includes:
The Kor Group, Goldman Sachs (Merchant Banking Division), Proper Hospitality, McGuire Moorman Hospitality, Handel Architects, Kelly Wearstler, Inc., Trammell Crow Company, Austin Commercial, Den Property Group, City of Austin, Jones & Carter Civil Engineers, Blum Engineering, Ten Eyck Landscape Architects, Thornton Tomasetti and Winstead PC.
For more information, visit www.liveaustinproper.com.
