The historic building at 1300 S. Ervay Street was constructed in 1904 and originally known as the Majestic Hotel. In 1930, it became the Ambassador Hotel and quickly gained notoriety for hosting Presidents and celebrities alike. After sitting vacant for many years, Jim Lake Cos purchased the property in 2015 with plans to convert it into apartments; however, a fire destroyed much of its interior in 2019.
In June 2022, OHT Partners bought the building with intentions to develop apartment units according to a public filing from earlier this year. The project is estimated at $113 million dollars covering 322,000 square feet of space featuring 299 units along with parking spaces and an amenity deck set to begin construction this September 2021 . Dallas-based Corgan has been appointed as architectural design firm while OHT Ambassador LP of Austin will serve as owners on record for this rental community development located within Dallas-Fort Worth area which also includes Houston & San Antonio markets where they build rental communities regularly .
