The Kor Group to Break Ground on Austin Proper Hotel and Residences Opening Early 2018
AUSTIN, TX. February 16, 2016 - The Kor Group has purchased land located in the master redevelopment of the former Thomas C. Green Water Treatment Plant for the future home of Austin Proper Hotel and Residences.
The Austin Proper Hotel and Residences will be a 32-story mixed-use building containing 99 for-sale residences, 244 hotel guest rooms, four food and beverage outlets, 11,500 square feet of meeting space, a state-of-the-art spa, a fitness center, and two outdoor swimming pools. The LEED® Gold-registered modern high-rise by award-winning Handel Architects is slated to break ground in spring 2016 and open in early 2018.
“We are excited to have acquired the land for the Austin Proper Hotel and Residences. The City of Austin's original vision combined with Trammell Crow Company's leadership as master developer of Green Water have created a neighborhood of vibrant city blocks at the epicenter of downtown Austin. We are proud to contribute by developing a project that will provide a special place for Austinites to live and enjoy for years to come,” said Brian De Lowe, principal of The Kor Group and president and co-founder of Proper Hospitality.
"With two of the four components of the overall project underway, we truly believe that Austin Proper provides the perfect complement to our existing developments. By incorporating Austin Proper into the overall vision, the redevelopment of the Thomas C. Green Water Treatment Plant now includes luxury for-rent residences at Northshore, a trophy office building at 500 West 2nd Street, and a dynamic new boutique hotel and residential tower. In addition, each of the projects will deliver walkable urban retail space that will make this development a true gathering place that exemplifies the often used "live work play" moniker. The vision of our partners at The Kor Group and Kelly Wearstler Interiors has exceeded our expectations, and we look forward to delivering this one-of-a-kind addition to the Austin skyline,” said Adam Nims, principal of Trammell Crow Company.
“The beautiful Austin Proper Hotel and Residences overlooking Shoal Creek will complement the city's successful Seaholm District investments with a state-of-the-art mixed-use development,” said Kevin Johns, Director of the City of Austin's Economic Development Department. “I am proud of the successful city planning and public-private partnership with Trammell Crow and team whose hybrid mixed-use building will connect the new 2nd Street Bridge to the larger Seaholm District while providing numerous community benefits including improvements to the trails and public art.”
The location of Austin Proper Hotel and Residences offers unmatched proximity to daily comforts, entertainment options, and outdoor amenities such as Shoal Creek, Ann and Roy Butler Hike and Bike Trail, and Auditorium Shores Park. The hotel and residences will enhance Austin's bustling 2nd Street District, which is home to entertainment venues like The Moody Theatre at ACL Live, shopping destinations, diverse dining options, and employment centers. The residential tower also offers proximity to major grocers, including Whole Foods Market's flagship store and Trader Joe's.
The Kor Group has assembled a talented group of architects, designers, and operators to collaborate on the Austin Proper Hotel and Residences. The team for the project is as follows: •Proper Hospitality: Proper Hospitality will operate the Austin Proper Hotel as part of the Proper Hotels brand, a new collection of vibrant and timeless hospitality destinations opening in some of the country's most dynamic neighborhoods, including Hollywood, San Francisco, Downtown LA, and Brooklyn.
•Kelly Wearstler: Acclaimed designer Kelly Wearstler is creating the interior design for Proper's hotel and residences.
•McGuire Moorman Hospitality: The team behind some of Austin's favorite and award-winning restaurants (Lamberts Downtown Barbecue, Perla's Seafood & Oyster Bar, Elizabeth Street Cafe, Clark's Oyster Bar, Josephine House, and Jeffrey's) is developing and operating the multiple food and beverage concepts located within Austin Proper Hotel and Residences.
•Handel Architects: Award-winning Handel Architects LLP is responsible for the design of the 32-story modern high-rise.
•Trammell Crow Company and City of Austin: Austin Proper is part 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 uses. The redevelopment supports community efforts to make downtown more vibrant, walkable, and livable, while contributing housing resources.
More information on the Austin Proper Hotel and Residences is at liveaustinproper.com.
About Austin Proper Residences
Austin Proper is a limited collection of 99 exceptional residences and penthouses set above the iconic Austin Proper Hotel, which uniquely combines the benefits of home ownership with the energy, style, services, and privileges of a boutique luxury hotel. Located in the heart of the renowned 2ND Street Retail District, Austin Proper Residences is part of a 32-story LEED® Gold registered modern high-rise designed to express the future of luxury living in downtown Austin. Austin Proper offers 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. Imagined and meticulously designed by acclaimed tastemaker Kelly Wearstler, these exceptional homes will feature floor-to-ceiling windows for breathtaking views and natural light, spacious outdoor decks and the finest appointments to personalize your home. For more information, visit: www.liveaustinproper.com.
About The Kor Group
The Kor Group is an international real estate investment and management company with extensive holdings and development experience in commercial real estate properties. Since its inception in 1999, Kor has acquired and developed hospitality, residential, and office assets valued in excess of $2.5 billion. Central to Kor's investment strategy is value creation through distinctive design and branding. By fusing creative design with an agile investment and development discipline, Kor has amassed a portfolio of high performing assets and has built a signature brand translatable across its properties. Kor has acquired, repositioned, and managed over 14 million square feet of residential, mixed use, hotel, commercial office, and retail space. Kor has over $1 billion in active developments—1.4 million square feet in the acquisition, development, or construction stage, including ground-up development, value-add repositioning, and adaptive reuse. For more information, visit: www.thekorgroup.com.
About Proper Hospitality
Proper Hospitality will design, brand, and operate bespoke hospitality experiences that are inspired by the tradition of grand hotels but reinvented for today. The foundation of Proper Hotels is rooted in tradition, crafted with care, modern & expressive, and proud to be local. Anything less just isn't Proper. Created by the founders and visionaries of the Viceroy Hotel Group, Proper Hotels will be a unique reflection of the vibrant community around it, but will share the same excellence in service, convenience of location, and world-class amenities provided by its local networks of co-conspirators - innovators in food, beverage, technology, art, music, fashion, and wellness. The company currently manages the Avalon Hotels in Beverly Hills and Palm Springs and will begin opening its eponymously-named Proper Hotels in late 2015, focusing initially on emerging urban innovation districts within dynamic U.S. cities, including San Francisco, Los Angeles, Austin, and Brooklyn. For more information, visit: www.properhotel.com.
About City of Austin, Economic Development Department - Redevelopment
The City's Economic Development Department (EDD) develops and leads the innovative programs that increase the prosperity of Austin's citizens, businesses, and diverse neighborhoods. With a focus on regenerating key assets of the city, Economic Development has implemented catalyst redevelopment projects, including the Seaholm District, Second Street Retail District, and the Mueller Redevelopment. For more information visit: www.austintexas.gov/ecodev.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation's leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of March 31, 2015, TCC had $5.5 billion of projects in process and $3.6 billion in its pipeline. For more information, visit: http://www.trammellcrow.com.
Contact:
Elaine Garza / Jennifer Sinski
[email protected] / [email protected]
512.382.9017
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