Posted Oct 17, 2012, 10:56 PM
|
 |
Meh
|
|
Join Date: Jul 2001
Location: Austin <------------> Birmingham?
Posts: 57,326
|
|
http://www.bizjournals.com/austin/ne....html?page=all
Quote:
Another hotel in the works for downtown Austin
Austin Business Journal by Jan Buchholz, Staff Writer
Date: Tuesday, September 11, 2012, 2:13pm CDT - Last Modified: Tuesday, September 11, 2012, 4:39pm CDT
Jan Buchholz
Staff Writer- Austin Business Journal
Yet another hotel is in the pipeline for downtown Austin. Documents have been filed with the city of Austin seeking rezoning of a lot at the northeast corner of East Fifth Street and San Jacinto Boulevard.
Current vacancy rates are averaging 78 percent through June 30.
“Typically new hotels are added to a market when the market reaches the upper 60s, so the market can certainly absorb more rooms,” McCaslin said.
Clark Patterson, case manager for the city of Austin’s Planning and Development Review Department, said he hadn’t received the file yet. According to documents obtained by the Austin Business Journal, the joint venture is seeking to enlarge the maximum floor-to-area ratio from 8-to-1 to 13-to-1. In other words, the partnership wants to increase square footage from about 141,312 square feet to 229,632 square feet.
“It would be comparable to the Hyatt Place,” Stephenson said.
|
__________________
Conform or be cast out.
|