[youtube=”http://www.youtube.com/watch?v=BEBSl7bCBi8″]
We have Jose Lozano from SkyscrperPage to thank for this awesome time lapse video of the construction of Austin’s W Hotel and Residences in the 2nd Street District.
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W Hotel Sneak Peak Of Facade
Thanks to Priller over at SkyscraperPage for the pic of the facade beginning to take form at the W Hotel (aka. Block 21 Residences) in downtown Austin.
W Hotel May Need More Cash
Just found this article in the ABJ. Once $128MM in construction financing is spent, Stratus and Canyon-Johnson will need to find additional sources of capital. From a buyer’s perspective, I would want to see that financing in place before entering into a contract.
From StreetInsider.com
“The joint venture is aggressively pursuing other options for financing the future construction costs of the W Austin Hotel & Residences project after the required capital contributions are made. Such options may include additional equity contributions by Stratus and Canyon-Johnson, financing from other financial institutions, admitting new equity partners, or a combination of these alternatives. If the joint venture does not secure project financing from a third-party lender, or if Stratus or Canyon-Johnson is unable to make required additional future capital contributions to the joint venture, the joint venture may be required to delay further construction of the project until additional financing is available. “
-Jude
You thought Austin had reached peak hotel development? Think again.
There has been a bit of chatter recently about the (literally) sky high hotel development in and around downtown Austin.
How much more hotel development can downtown Austin support? More, it seems.
The half-acre surface parking lot at 519 W. Sixth Street, adjacent to the IBC Bank Plaza and near the Plaza Lofts condo building, long slated for a hotel but mute on progress is not only still alive, it is growing.
A nascent group of developers are in preliminary stages of design for a 32-story, 250-key hotel with ground floor restaurant, and 5 levels of parking connecting to the adjacent IBC Bank garage. Right now, there’s no drawing laying around to show, but the facts are otherwise confirmed.
There’s speculation that the design would have to be somewhat similar to White Lodging’s 33-story, 410 key, Aloft/Element hotel at 7th & Congress Ave. pictured left because they are similar height and occupy the similarly sized footprint.
As noted above, the IBC Bank site has been the source of water cooler talk for years.
When the IBC Bank Plaza was announced in 2012, it added a bookend to a series of fables about the block. But, like a dangling storyline slated for a sequel, downtown development watchers still waited to hear what would become of the southeast corner of the 6th Street and Nueces Street intersection (also known as “Block 51”).
The popular mythology for some time was that IBC Bank was considering developing a 28-story hotel on site. To have gotten word that a concept for the site, albeit different, is in the works is exciting.
IBC Bank Plaza, while encumbered by a Capitol View Corridor (shakes fist) and a meager 13-stories, is an architecturally beautiful building and the notion of a unique project to compliment its style has a lot of potential. The proposed hotel site isn’t in the Capitol View Corridor.
There are no clues right now as to whether HKS, the firm that designed IBC Bank Plaza, has a hand in the designs of the corner project but I’m hopeful. IBC Bank’s architectural style and street-level presence is designed to support Austin’s Great Street’s Program through ground-level restaurant, retail and landscaped streetscape.
More to come on this project in coming months hopefully as an area of downtown that was once destitute continues a regeneration.
Austin Fairmont Hotel To Break Ground November 3rd
Some people, myself included, were beginning to think downtown Austin’s Fairmont Hotel was becoming development vaporware. Back in March there was proof-of-life when they began fencing off the site.
Today, according to a press release sent to DAB, the Fairmont Austin, the first hotel providing direct access to the Austin Convention Center, is announcing that it has secured financing and will break ground on November 3, 2014.
Colony Capital has stepped in with project financing for the $370 million luxury hotel, which is expected to open June 3, 2017.
The site, located at the northeast corner of Cesar Chavez & Red River is a 1.74-acre parcel situated along the bank of Waller Creek. The hotel will be notable for having a direct connection to the Austin Convention Center, via an arial promenade being designed by Thomas Phifer and Partners (the firm selected by the Waller Creek Conservancy to develop a master plan for the Waller Creek district).
The finished building will no doubt add to downtown Austin’s skyline. At 595 feet tall, it will be second tallest structure in downtown Austin – the tallest being the 56 story, 680-foot Austonian.
Summary of what we know about the Fairmont Hotel…
- Number of rooms = 1,066
- Number of stories = 37
- Square Feet = 1.4 million
- Building Height = 595 feet
- Delivery = June 2017
-Jude
