Austin Proper Welcomes Goldman Sachs as Capital Partner
- Aug 03, 2016
By Anca Gagiuc, Associate Editor
Austin, Texas—The Kor Group announced it has formed a partnership with the Merchant Banking Division of Goldman, Sachs & Co., which joins the development team as capital partner for Austin Proper Hotel & Residences.
“We are thrilled to have the world-class Goldman Sachs team join us in the development of Austin Proper Hotel & Residences, as we believe they are the ideal capital partner to help us realize our vision of positioning this project as the ultimate luxury lifestyle hotel and residential offering in the Austin market.” said Brian De Lowe, president & co-founder of Proper Hospitality and partner at The Kor Group.
The 33-story, 500,000-square-foot mixed-use development is located in downtown Austin, in the GreenWater redevelopment on Block 188. The project consists of 244 hotel rooms, multiple dining options by McGuire Moorman Hospitality, more than 12,000 square feet of indoor and outdoor meeting and event space, and retail space. The upper levels of the hotel will offer 99 exclusive for-sale condominium residences and penthouses.
Residences, currently priced from $600,000 to $3,00,000 and penthouses from $3,400,000 to $8,00,000, are rapidly pre-selling. Austin Proper Residences combines the benefits of home ownership with those of a boutique luxury hotel. Buyers can choose from one- to three-bedroom floor plans featuring 921 to 2,608 square feet and one- and two-story penthouses from 3,425 to 6,789 square feet. The residences and penthouses will feature floor-to-ceiling windows, spacious outdoor decks and views of both Lady Bird Lake and 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, an elevated poolside restaurant and dedicated doorman and concierge. Moreover, owners at Austin Proper will also benefit from priority dining and spa reservations, preferred pricing on hotel services and accommodations for friends and family, four stories of underground parking and extended benefits across all Proper Hotels.
The LEED Gold registered modern high-rise was designed by Handel Architects and will be managed and branded by the lifestyle hotel operator, Proper Hospitality. Kelly Wearstler is responsible for the interior design.
Image courtesy of Handel Architects