50-Story Hotel East Of Austin Convention Center

[Naviguessor]

Not so subtle reference to possible upcoming Hotel Project(s) in HBJ today.

 

Quote: Branded residences, condos that are situated on top of premium hotels and use the hotels’ amenities such as those at the W Hotel in Austin, are doing well in Texas' metro markets, but have yet to call Houston home. It won’t be a trend for Houston, but will likely crop up in the near future in hot spots such as the Galleria area and downtown, Thomsen said. UNQUOTE

 

http://www.bizjournals.com/houston/blog/breaking-ground/2014/03/houston-is-hot-for-condos-and-these-two-areas-will.html

[JDawg512]

Austin has specific zoning regulations that keep highrises from being built outside of Downtown which is why Austin's Downtown is growing up so rapidly. This hotel is on track for groundbreaking in a few months.

[JDawg512]

There has been a rush of Austin as a national feel-good destination. Austin's office market is still low-rise, as you would expect from tech and institutional tenants; and its downtown office market, its office building skyline and its metro area are still smaller than Fort Worth's. Hospitality and residential are the accumulated demand, and they're not pent up from longtime Austin residents but the recently interested. The real pent-up demand is among institutional investors for real estate projects to invest in in a place with good fundamentals like Austin.

Interesting take but Austin has become more than a feel good destination since you posted. Not only in national and international events but also in convention business. So many of the larger conventions have wanted to go to Austin but the lack of hotel rooms kept them from coming. The question of whether Austin can have two convention center hotels is pretty clear now. The JW Marriott is still under construction and it is already booked up through 2020 with conventions. That sends a clear message that Austin can indeed handle another 1,000+ hotel.

The office market in Downtown Austin is the tightest in Texas last I saw although I will verify that to be sure. You are correct for many years our office towers have not been much to look at but we are seeing major movement on office tower construction. Austin is no longer dominated by just high tech and institutional companies. With the huge progress and change we have seen in Downtown Austin over the last decade, Downtown is where everyone wants to be. Tech companies normally located in low rise office parks have relocated into Downtown office buildings, more are on the way. Other economic sectors are rapidly growing pushing the need for talket office towers with more square footage. There are 3 players in particular that will likely add a significant office tower to Downtown in the next 2 years. One the Green Water Site, the second would be Chicago based Magellan which has already indicated they want a tower of at least 50 floors, and the Waller Center Towers. With these new projects on tap, Austin's office tower presence will definitely be more noticeable and more competitive.

Fort Worth may still have some larger office towers compared to Austin right now but there is no competition with comparing our full skylines. Austin wins hands down and is firmly the 3rd top CBD skyline in Texas. Downtown is no longer just a CBD, its a neighborhood with a larger residential population the Downtown Houston's and Dallas's combined. Its the entertainment destination for the city. You can walk in Downtown Austin at 3 a.m. and there's lots of people out and about.

Also Fort Worth would have a bigger metro since its lodged with Dallas. Its the largest metro in Texas.

Austin by 2050 may have the population Houston has now which is what all indicators are telling us but Houston will continue to be the largest city in Texas and that's fine by me. It's not always about size, its about quality and I think that Austin has made huge progress in that area.

[Subdude]

Trolling posts deleted.

 

 

[monarch]

very well interpreted.  as i cannot help but agree upon all levels.  austin, has always been a very beautiful city for sure...  but now, it has taken the term "cosmopolitan" off the charts.  everyone loves austin, and there is a reason behind this...   the city is becoming fabulous!

 

 

Interesting take but Austin has become more than a feel good destination since you posted. Not only in national and international events but also in convention business. So many of the larger conventions have wanted to go to Austin but the lack of hotel rooms kept them from coming. The question of whether Austin can have two convention center hotels is pretty clear now. The JW Marriott is still under construction and it is already booked up through 2020 with conventions. That sends a clear message that Austin can indeed handle another 1,000+ hotel.

The office market in Downtown Austin is the tightest in Texas last I saw although I will verify that to be sure. You are correct for many years our office towers have not been much to look at but we are seeing major movement on office tower construction. Austin is no longer dominated by just high tech and institutional companies. With the huge progress and change we have seen in Downtown Austin over the last decade, Downtown is where everyone wants to be. Tech companies normally located in low rise office parks have relocated into Downtown office buildings, more are on the way. Other economic sectors are rapidly growing pushing the need for talket office towers with more square footage. There are 3 players in particular that will likely add a significant office tower to Downtown in the next 2 years. One the Green Water Site, the second would be Chicago based Magellan which has already indicated they want a tower of at least 50 floors, and the Waller Center Towers. With these new projects on tap, Austin's office tower presence will definitely be more noticeable and more competitive.

Fort Worth may still have some larger office towers compared to Austin right now but there is no competition with comparing our full skylines. Austin wins hands down and is firmly the 3rd top CBD skyline in Texas. Downtown is no longer just a CBD, its a neighborhood with a larger residential population the Downtown Houston's and Dallas's combined. Its the entertainment destination for the city. You can walk in Downtown Austin at 3 a.m. and there's lots of people out and about.

Also Fort Worth would have a bigger metro since its lodged with Dallas. Its the largest metro in Texas.

Austin by 2050 may have the population Houston has now which is what all indicators are telling us but Houston will continue to be the largest city in Texas and that's fine by me. It's not always about size, its about quality and I think that Austin has made huge progress in that area.

 

[ArchFan]

Not so subtle reference to possible upcoming Hotel Project(s) in HBJ today.

 

Quote: Branded residences, condos that are situated on top of premium hotels and use the hotels’ amenities such as those at the W Hotel in Austin, are doing well in Texas' metro markets, but have yet to call Houston home. It won’t be a trend for Houston, but will likely crop up in the near future in hot spots such as the Galleria area and downtown, Thomsen said. UNQUOTE

 

http://www.bizjournals.com/houston/blog/breaking-ground/2014/03/houston-is-hot-for-condos-and-these-two-areas-will.html

So, does "Texas' metro markets" really boil down to Austin, plus to a lesser extent, Dallas?  Or just Austin.  That statement seems a bit overblown to me.  

 

I agree that the concept hasn't really been tried in Houston, aside from the apartments atop the Four Seasons Hotel here.

[ArchFan]

And ... for that matter, are there any other significant such places that exist in Austin, other than the Four Seasons and the W?  I know others may be in the pipeline, but I just wanna not be misled by the hype.

[JDawg512]

And ... for that matter, are there any other significant such places that exist in Austin, other than the Four Seasons and the W? I know others may be in the pipeline, but I just wanna not be misled by the hype.

We have multiple highrise condo and apartment towers in Downtown like the Austonian which at 56 floors is the tallest all residential highrise west of the Mississippi River.

As far as hotels with a residential component, the W and Four Seasons are the only two at the moment, however there are several other high end luxury hotels such as the Driskill and the Intercontinental Steven F. Austin Hotel. The Driskill is a gorgeous building built in the 1890s. Very upscale and Lavish. One of the gems of the city. The Steven F. Austin was built in 1924 and is also a beautiful building. There are also several high end boutique hotels such as Hotel Ella.

The next hotel/residential combos will be a hotel ZaZa and a Hotel called the Van Zandt which is currently going up next to the Shore residential tower in the Rainey Street District.

The condo and apartment high rise market here continues to explode with multiple projects under construction right now and more will start going up later this year.