Press
21c Museum Hotel and 21c Museum Residences Announce New, Larger Site
Major Downtown Austin Development Will Have Unparalleled Lake and City Views; Will
Include Hotel, Restaurants, Art Museum, Retail Space and Condominiums
AUSTIN, Tx. (April 3, 2008) — A luxury hotel, high-end condominiums, a world-class
contemporary art museum, a landmark restaurant and artist lofts will comprise the
21c Austin project when it opens in 2011. Project developers have been working closely
with the City of Austin and, contingent upon City approvals, plan to break ground
in early 2009.
The project—the second 21c project after the landmark development in Louisville,
Kentucky—was originally announced in June 2007 for 3rd and Brazos Streets in Downtown
Austin. With the new plans, the ownership team will be significantly expanding their
investment in Austin, on a larger site on the southwest corner of Cesar Chavez and
Red River that will be a catalyst for the redevelopment of Waller Creek. This unique
location allows the project to be enhanced with park space, a sculpture garden,
signature spa, retail, indoor/outdoor meeting space and additional parking. Views
of Lady Bird Lake and downtown will be unparalleled.
Developers stress that the Austin version will not replicate Louisville, Kentucky's
award-winning 21c Museum Hotel (www.21cmuseumhotel.com),
but will reflect Austin's lifestyle through an extraordinary approach to art-inspired
life and commerce.
"This new site allows us the perfect location to implement our goal—to blend a love
of art, Texas-style comfort and 21st Century technology into a property that is
uniquely Austin," Steve Wilson, Chairman of ACE (Art Commerce Entertainment) Unlimited,
one of the development partners, said. "The driver here is art, in all its forms—contemporary
art by emerging and acclaimed regional and international artists; architecture of
the finest caliber; and cuisine by true artisans in the culinary world."
This innovative addition to Austin's skyline will feature a distinctive 49-story
condominium tower. The new site will be home to the project's 243-room hotel, 295
residential units, retail, spa, pools, museum, restaurants and other amenities.
The project, including an underground parking garage, currently totals over 1 million
square feet. The development team plans to develop another 425,000 square feet on
the site as either a future office/retail or residential/retail tower. The entire
project represents a $350 million investment. Each room in the hotel will feature
original works of art, contemporary furnishings and luxurious amenities.
The project will include an innovative and accessible restaurant that will emphasize
local and sustainable agriculture and feature contemporary American cuisine. Michael
Bonadies, CEO of ACE, was previously a founding partner of the New York-based Myriad
Restaurant Group, which owns and operates such well-known restaurants as Tribeca
Grill, Nobu and Rubicon. Bonadies was instrumental in the development of the 21c
concept. "21c is an experience-based brand, with its exceptional blend of art, great
food and fun surroundings," Bonadies said.
Some of 21c's most innovative aspects will be its artist lofts and new contemporary
art museum, open free to the public 365 days per year. Twelve artist lofts will
be made available at favorable rental rates for living and studio space. The museum
will provide a new venue for contemporary visual and performing arts. "We intend
to partner with local arts groups and look forward to joining Austin's thriving
arts community," Wilson said.
"The luxury condos of 21c will fill a particular niche that is completely new to
this market and which we expect to be embraced by this innovative city, particularly
at this one-of-a-kind site," Steve Poe, president and CEO of the Poe Companies,
said. Poe Companies is a Louisville real estate investment, development and management
firm.
The team of architects for the project includes Deborah Berke & Partners (www.dberke.com), a New York-based firm with a portfolio
of institutional, commercial and residential architecture; Goody Clancy Architecture
(www.goodyclancy.com),
a Boston firm that brings deep expertise in urban design and large scale urban residential
projects to the table; and Susman Tisdale Gayle (www.stgarchitects.com), an Austin firm with an integrated
approach to architecture, planning and interior design.
Other team members include Austin-based Ironwood Real Estate, a partnership between
local developers Matthew Hooks and Scot Krieger (www.ironwoodre.com), and the current ownership, which includes
Perry Lorenz and family entities, Robert Knight and Twin Oaks Associates, all of
whom are remaining in the project as equity participants. The marketing and sales
of the condominium units will be spearheaded by urbanspace Realtors, led by Kevin
Burns, which specializes in marketing and leasing high-end residential and mixed-used
properties in downtown Austin.
Members of the 21c Austin team have a successful track record of collaborating on
development projects.
The 3rd and Brazos Streets site will be developed with much needed hotel rooms for
the Austin Convention Center area.