Goldman Sachs Joins Austin Proper Hotel & Residences As Capital Partner

Published on : Wednesday, August 3, 2016

Austin Proper HotelThe Kor Group is proud to announce that it has formed a partnership with the Merchant Banking Division of Goldman, Sachs & Co., who joins the development team as capital partner for Austin Proper Hotel & Residences.

The 33-story, 500,000 square-foot, mixed-use project in downtown Austin will be managed and branded by the lifestyle hotel operator, Proper Hospitality, and includes interior design by international style icon Kelly Wearstler; 244 hotel rooms; multiple dining options by McGuire Moorman Hospitality; over 12,000 square feet of indoor and outdoor meeting and event space; and retail. Perched atop the hotel are 99 exclusive for-sale condominium residences and penthouses. The project is located in the GreenWater redevelopment on Block 188 in the heart of the dynamic 2nd Street District at its intersection with Nueces.

The residences and penthouses are quickly pre-selling.  Residences are currently priced from $600,000-$3,000,000 and penthouses from $3,400,000-$8,000,000. The project has received its site development permit, and construction is slated to begin Q3 2016, with the hotel opening in 2018.

Austin Proper Residences combines the benefits of home ownership with the energy, style, services and privileges of a boutique luxury hotel. Buyers have their choice of one-bedroom to three-bedroom residences from 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 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. The property features dedicated doormen and concierges as well as unmatched proximity to restaurants, retail, entertainment, and the Lady Bird Lake Hike-and-Bike Trail in the heart of downtown Austin. 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.

Founded in 1869, the Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals.

“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 and Co-Founder of Proper Hospitality and Partner at The Kor Group.

When complete, Austin Proper Residences will complement the larger renaissance occurring in GreenWater, which includes 1.7 million square feet of mixed-use development space including Class A office space (Google secured as the anchor tenant), residential towers, ground floor retail and restaurants, Shoal Creek restoration and the 2nd Street Bridge, which seamlessly connects the Austin Public Library and the Seaholm District.

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