Cynthia and George Mitchell Foundation to Benefit From Property Sales

The Texas-based Cynthia and George Mitchell Foundation has announced that it will receive the proceeds from a sale of historic properties on Galveston Island.

Mitchell Historic Properties, which is owned by the estate of the late George P. Mitchell, has agreed to sell the Hotel Galvez & Spa and the Tremont House to a hospitality management and investment group and will contribute the bulk of the proceeds to the foundation. Galveston Island was Mitchell's hometown, and in the 1970s and '80s he and his wife led a revitalization effort of its historic neighborhoods and commercial districts, buying and restoring more than twenty commercial buildings. According to the foundation, the couple invested more than $150 million in the holdings through Mitchell Historic Properties. 

In 2019, the foundation formally launched the Galveston Program, with the long-term objective of creating safer, more livable neighborhoods, green spaces, and affordable housing on the island as well as equitable access to health care, social services, quality education, and employment opportunities. As part of the effort, the foundation has helped to catalyze and support Vision Galveston, an initiative of the Galveston Roundtable of Foundations aimed at empowering community members to define a vision for the city's future.

"As we grow our Galveston Program over the coming years, it is our intent to expand our support and engagement on numerous fronts toward a better, more equitable quality of life for Galveston residents," said Mitchell Foundation president Katherine Lorenz. "In the near term, as we consider the future uses of Mitchell Historic Properties' commercial buildings and, especially, their underutilized spaces, we hope to align closely with Vision Galveston and economic development-minded partners to leverage these assets for the benefit of the greater Galveston community."

"My parents, Cynthia and George Mitchell, had an unflagging dedication and devotion to investing in and supporting the Galveston community throughout their lives," said MHP president and Mitchell Foundation board chair Grant Mitchell. "The Mitchell family and the Cynthia and George Mitchell Foundation view this event as an opportunity for new energy and a new phase of commitment to the City of Galveston and its residents." 

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