The subdivision will consist of five contemporary luxury homes on 5.5 acres of land at 3605 Stoneridge Road. Photo courtesy of Unicus Developments
The Manhattan-based Loren Group has started selling the upscale residences in its $130 million hotel and condominium project, the Loren at Lady Bird Lake in Austin.
The project is the first U.S. site for the new luxury hotel concept. It is being built just south of Lady Bird Lake, on a site at South Lamar Boulevard and West Riverside Drive that formerly housed a Taco Cabana restaurant and later a Pollo Tropical location.
Ten of the condos are under contract and the remaining 14 are available for purchase, according to the developer. The asking prices range from $1 million to $4 million. All residences will be ready for occupancy when the Loren at Lady Bird Lake opens in the spring of 2022.
The Loren Group, the project’s developer, is a real estate investment and hospitality development firm founded by international financier and hotelier Stephen King.
The hotel will be the first Loren-branded property in the U.S. by the developer, C12 Capital Management LP/Sardis Developments, whose hospitality arm is the Loren Hotel Group.
The Loren Hotel Group opened its flagship property, the Loren at Pink Beach in Bermuda, in 2017.
The Austin project will include a hotel with 108 rooms that is due to open in the spring of 2022. Features include a rooftop restaurant and event facility that has an indoor/outdoor lounge, skyline views. The hotel also will have a luxury spa, gym, swimming pool and retail offerings.
The project is under construction near the Butler Park Pitch & Putt, the Pfluger pedestrian bridge and the Ann and Roy Butler Hike and Bike Trail.
The Loren Group has collaborated with local partners on the project, including Hall Structured Finance, a Dallas-based direct private lender; Rhode Partners, an Austin-based architecture firm; Drenner Group; Hoar Construction; and Fleur-de-lis Interior Design. Eric Moreland with Moreland Properties is the real estate agent for the condo sales.
“We are very fortunate to have found such an incredible site for The Loren at Lady Bird Lake and to offer a new level of residential living in such a wonderful location,” King, the Loren Group’s founder, said in a written statement. “Austin is a truly fabulous city, and we look forward to being part of its thriving activity.”
The Loren Group has a long-term development strategy to expand the brand across the U.S. and beyond.
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