A major redevelopment project is currently in progress within the Austin city government. In 2021, ASAP Holdings acquired the Radisson Hotel Austin-University for $37 million and has since announced plans to revamp its 298 rooms and construct up to 1,000 new apartments along with retail space. To accommodate this expansion, ASAP is seeking a rezoning of the site from mixed-use to high-density mixed-use. The proposal will be reviewed by the Austin City Council later this month.
The hotel will undergo a rebranding as Delta by Marriott and according to reports from the Austin Business Journal, ASAP intends on spending $145,000 per key for renovations (totaling $43 million).
In addition to these developments, approximately 10% of residential units will be designated as affordable housing for individuals earning up to 60% of median family income (MFI) in the area.
Both hotel guests and apartment residents will have access to shared amenities within this project.
This article was originally published on Connect CRE’s website.
