subject: W Austin Hotel And Residences Obtains Much Needed Funding [print this page] Located in the heart of the Second Street District, construction of the W Austin Hotel and Residences has started to move forward once again. Considered to be one of the anchors in the development of the downtown area, the $300 million project has been plagued with financial issues that have slowed down its construction. According to reports, however, the project has finally obtained the funding it needs to move forward.
Our ability to secure a construction loan in the current economic climate reflects the strength and quality of this project and of the relative strength of the local Austin real estate market, said Beau Armstrong, who is the CEO of Stratus Properties. Unlike many markets, downtown Austin has a small supply of upper end condominiums just over 400 units and is not likely to have any additional new supply in the next five years.
The W Austin Hotel and Residence project has been much anticipated for numerous reasons. Currently the home of the Austin City Limits studio, the building will ultimately house a hotel and condo as well as numerous retail and entertainment establishments.
Thanks to a new deal struck by Strutus Properties, which is currently the developer of the project, and Canyon-Johnson Urban Funds, the project is on track once again. In fact, it is currently scheduled to open in December of 2010 and its condos are scheduled to be delivered to their buyers through May of 2011.
Upon completion, the W Austin Hotel and Residences will house 159 residential units as well as 252 hotel rooms and suites. It will also offer 37,000 square feet of office space as well as 18,000 square feet of restaurants and retail space. The project also includes the state-of-the-art live music venue, which is operated by Live Nation and is home to the Austin City Limits.
On floors 18 through 37, the complex also offers excellent views of Hill Country, Lady Bird Lake and the downtown skyline. Other amenities available to residents and guests of the W Austin Hotel and Residence include an 8,000 square foot fitness center and spa, a concierge service, a private pool and preferred access to music venues and restaurants included on the property. With so much to offer, it is easy to understand why so many people are glad to see that construction is underway once more!
