The Carpenter Hotel on South Lamar looks like it's a go:
http://austin.curbed.com/2016/10/21/13362924/austin-development-boutique-hotel-carpenter
"The Mighty Union, the group responsible for the Ace Hotel in Portland, Oregon, and other insanely popular quirky hospitality properties (including a Wes-Anderson-themed lodge), plans to create just such a hospitality destination out of Carpenters Hall at 400 Josephine Street, in South Austin’s popular Zilker neighborhood close to Butler Park and Auditorium Shores. The building was originally home to a carpenters union."
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