AUSTIN, TX—The 33-story 500,000-square-foot mixed-use project, Austin Proper Hotel and Residences , has received its site development permit and construction is slated to begin in third quarter 2016, with the hotel opening in 2018. The Kor Group has formed a partnership with the merchant banking division of Goldman, Sachs & Co. to join the development team as a capital partner. The project is located downtown in the GreenWater redevelopment on Block 188 in the heart of the dynamic second Street District at its intersection with Nueces. The project consists of 244 hotel rooms, multiple dining options by McGuire Moorman Hospitality , more than 12,000 square feet of indoor and outdoor event space, and retail. The property will be managed and branded by the lifestyle hotel operator, Proper Hospitality , and includes interior design by international style icon Kelly Wearstler . 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 to $3 million and penthouses from $3.4 million to $8 million. Austin Proper Residences combines the benefits of home ownership with the style, services and privileges of a boutique luxury hotel. Buyers have a 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 proximity to restaurants, retail, entertainment, and the Lady Bird Lake Hike-and-Bike Trail. 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. Brian De Lowe , president and co-founder of Proper Hospitality and partner at The Kor Group, tells GlobeSt.com: “Austin Proper Hotel and Residences will deliver a high-end lifestyle experience to locals, residents and guests that's unlike anything in Downtown Austin. Partnerships with best-in-class talent, including interior design by the internationally renowned Kelly Wearstler, and food and beverage destinations driven by our close friend Larry McGuire of McGuire Moorman Hospitality, really set us apart. Austin Proper's location within the Green Water development, at the heart of the Second Street District, is ideally situated steps from the Hike-And-Bike Trail at Lady Bird Lake and all of downtown's most popular attractions. In addition to world-class amenities, like two roof deck pools, an upscale spa, state of the art fitness center and retail, we're developing new digital platforms that will connect guests with Proper's network of five-star services in Austin and beyond.” 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 has been secured as the anchor tenant), residential towers, ground floor retail and restaurants, Shoal Creek restoration, and the Second Street Bridge, which seamlessly connects the Austin Public Library and the Seaholm District . “We are thrilled to have the world-class Goldman Sachs team join us in the development of Austin Proper Hotel and 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 De Lowe. AUSTIN, TX—The 33-story 500,000-square-foot mixed-use project, Austin Proper Hotel and Residences , has received its site development permit and construction is slated to begin in third quarter 2016, with the hotel opening in 2018. The Kor Group has formed a partnership with the merchant banking division of Goldman, Sachs & Co. to join the development team as a capital partner. The project is located downtown in the GreenWater redevelopment on Block 188 in the heart of the dynamic second Street District at its intersection with Nueces. The project consists of 244 hotel rooms, multiple dining options by McGuire Moorman Hospitality , more than 12,000 square feet of indoor and outdoor event space, and retail. The property will be managed and branded by the lifestyle hotel operator, Proper Hospitality , and includes interior design by international style icon Kelly Wearstler . 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 to $3 million and penthouses from $3.4 million to $8 million. Austin Proper Residences combines the benefits of home ownership with the style, services and privileges of a boutique luxury hotel. Buyers have a 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 proximity to restaurants, retail, entertainment, and the Lady Bird Lake Hike-and-Bike Trail. 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. Brian De Lowe , president and co-founder of Proper Hospitality and partner at The Kor Group, tells GlobeSt.com: “Austin Proper Hotel and Residences will deliver a high-end lifestyle experience to locals, residents and guests that's unlike anything in Downtown Austin. Partnerships with best-in-class talent, including interior design by the internationally renowned Kelly Wearstler, and food and beverage destinations driven by our close friend Larry McGuire of McGuire Moorman Hospitality, really set us apart. Austin Proper's location within the Green Water development, at the heart of the Second Street District, is ideally situated steps from the Hike-And-Bike Trail at Lady Bird Lake and all of downtown's most popular attractions. In addition to world-class amenities, like two roof deck pools, an upscale spa, state of the art fitness center and retail, we're developing new digital platforms that will connect guests with Proper's network of five-star services in Austin and beyond.” 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 has been secured as the anchor tenant), residential towers, ground floor retail and restaurants, Shoal Creek restoration, and the Second Street Bridge, which seamlessly connects the Austin Public Library and the Seaholm District . “We are thrilled to have the world-class Goldman Sachs team join us in the development of Austin Proper Hotel and 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 De Lowe.