AUSTIN | Fairmont Hotel | 595 FEET SPIRE/456 FT ROOF | 37 FLRS | Complete

KevinFromTexas · #1 Posted **Jun 24, 2011, 6:02 PM**

1,035 rooms
115,000 square feet of banquet and meeting space

http://www.statesman.com/business/se...n-1558983.html

Quote:

Second developer said to be working on downtown convention hotel plan

By Shonda Novak
AMERICAN-STATESMAN STAFF
Updated: 10:16 p.m. Thursday, June 23, 2011
Published: 9:39 p.m. Thursday, June 23, 2011

Austin developers Perry Lorenz and Robert Knight say they have a prospective developer who wants to build a second convention hotel on land they own at the northeast corner of Red River and Cesar Chavez streets east of the Austin Convention Center.

The hotel would have more than 1,000 rooms and require no city subsidies, Lorenz said Thursday.

Lorenz said he had met recently with most Austin City Council members about the new project — a potential rival to a proposed 1,003-room high-rise Marriott Marquis hotel on Congress Avenue.

City Council Member Bill Spelman said the emergence of a second potential project led the council on Thursday to postpone until next week a vote on $4.3 million in fee waivers for White Lodging Services Inc., which would develop the Marriott.

KevinFromTexas · #2 Posted **Jun 24, 2011, 6:03 PM**

http://www.statesman.com/blogs/conte...conventio.html

Quote:

San Diego firm plans convention hotel in Austin

By Shonda Novak | Friday, June 24, 2011, 11:53 AM

A San Diego firm that develops and manages high-profile hotel and convention center properties plans to build a 1,035-room hotel in the Waller Creek area just east of the Austin Convention Center.

The hotel would be built on land that is now a parking lot at the northeast corner of Red River and Cesar Chavez streets. It is owned by local developers Perry Lorenz and Robert Knight.

Manchester Texas Financial Group would develop the hotel. Its parent, San Diego-based Manchester Financial Group, contributed the land for the San Diego Convention Center and built the Manchester Grand Hyatt and the Marriott Hotel and Marina in San Diego, which have a combined 3,000 rooms.

Gensler, an international architecture firm that has worked with brands including Ritz-Carlton, Starwood and Hilton, will design the project. Gensler has an Austin office in the new W hotel project downtown.

KevinFromTexas · #3 Posted **Jun 24, 2011, 6:04 PM**

For a lack of a better way of doing it, I used the company's name for the project's name. Once they pick a hotel brand we can change the name.

Austinite101 · #4 Posted **Jun 25, 2011, 4:16 AM**

Hey I just read an article saying that the developers are planning for a 50-story hotel...

Austinite101 · #5 Posted **Jun 25, 2011, 4:24 AM**

BevoLJ · #6 Posted **Jun 25, 2011, 4:50 AM**

http://www.statesman.com/business/sa...e=rss_business

KevinFromTexas · #7 Posted **Jun 25, 2011, 5:25 AM**

OMG.

http://www.statesman.com/business/sa...inglePage=true

Quote:

San Diego developer plans 50-story hotel east of Austin Convention Center

By Shonda Novak
AMERICAN-STATESMAN STAFF
Updated: 11:26 p.m. Friday, June 24, 2011
Published: 10:36 p.m. Friday, June 24, 2011

GENSLER
This rendering shows the downtown hotel planned by Manchester Financial Group. It would include 115,000 square feet of meeting and exhibit space, plus two restaurants and retail space.

A San Diego hotel developer plans to build a $350 million hotel with more than 50 stories and 1,035 rooms east of the Austin Convention Center. The hotel would be built on land now used for parking at the northeast corner of Red River and Cesar Chavez streets, near Waller Creek.

Manchester Texas Financial Group could find itself in competition with White Lodging Services Corp., which plans a 1,003-room Marriott Marquis hotel on Congress Avenue between Second and Third streets.

Douglas Manchester, founder and chairman of Manchester Financial Group, said Friday that the project has been going "at a pretty fast speed" and that he anticipates starting construction in the next 12 months. The project would take at least 18 to 24 months to build, he said. He said Manchester Financial can put the required equity into the project and attract the loans to complete it.

KevinFromTexas · #8 Posted **Jun 25, 2011, 5:28 AM**

I count 51 floors.

Austinite101 · #9 Posted **Jun 25, 2011, 5:29 AM**

I like the design. It would go well with a certain 830 ft. tower near by......

Austinite101 · #10 Posted **Jun 25, 2011, 5:38 AM**

Is there any chance that the developers of both hotels cooperate?

Spaceman · #11 Posted **Jun 25, 2011, 4:25 PM**

Quote:

Originally Posted by Austinite101

I like the design. It would go well with a certain 830 ft. tower near by......

Who Tom Stacy???? I doubt it

austin242 · #12 Posted **Jun 26, 2011, 2:48 AM**

Ok forget the marriott marquis just sayin.

verybadgnome · #13 Posted **Jun 27, 2011, 7:09 PM**

So this project is in the Waller Creek floodplain, correct? So the only reason it is happening is b/c of the taxpayer-funded floodplain abatement projects that are going forward, right? If so I don't think the project deserves any fee waivers at all; or at least they should be paying for their share of the necessary infrastructure improvements.

Austinite101 · #14 Posted **Jun 27, 2011, 8:48 PM**

Well I'm pretty sure that the city isn't doing those improvements SOLELY because of the hotel. The developers are just taking advantage of an area that is sure to be as beautiful as it is valuable with all these improvements.

verybadgnome · #15 Posted **Jun 27, 2011, 9:13 PM**

Quote:

Originally Posted by Austinite101

Well I'm pretty sure that the city isn't doing those improvements SOLELY because of the hotel. The developers are just taking advantage of an area that is sure to be as beautiful as it is valuable with all these improvements.

No they are trying to develop that whole part of DT that is undevelopable without this project. Being a good corporate citizen means chipping in your fair share OR building a hotel to serve the F1/SxSW contingent that isn't in the floodplain. The city should have implemented a TIF scheme instead since this is not a minor project.

wwmiv · #16 Posted **Jun 27, 2011, 9:23 PM**

Quote:

Originally Posted by verybadgnome

No they are trying to develop that whole part of DT that is undevelopable without this project. Being a good corporate citizen means chipping in your fair share OR building a hotel to serve the F1/SxSW contingent that isn't in the floodplain. The city should have implemented a TIF scheme instead since this is not a minor project.

Guess what? The improvements to Waller Creek on that block will more than be paid for by the property and hotel taxes that this new development will bring.

SecretAgentMan · #17 Posted **Jun 27, 2011, 11:09 PM**

Quote:

Originally Posted by verybadgnome

So this project is in the Waller Creek floodplain, correct? So the only reason it is happening is b/c of the taxpayer-funded floodplain abatement projects that are going forward, right? If so I don't think the project deserves any fee waivers at all; or at least they should be paying for their share of the necessary infrastructure improvements.

Only about 1/3 of the site is in the 100 year floodplain, but 100% of the site is in the TIF zone that is paying for the pipe.

verybadgnome · #18 Posted **Jun 27, 2011, 11:17 PM**

Quote:

Originally Posted by SecretAgentMan

Only about 1/3 of the site is in the 100 year floodplain, but 100% of the site is in the TIF zone that is paying for the pipe.

That is good to hear. The projected project cost is now $127.5M (yikes!) from what I could find.

DougRockstead · #19 Posted **Jun 29, 2011, 4:29 PM**

Is the project the same project that was listed as the "constellation/ Red River" project on the City of Austin Emerging Projects poster? (#39 on the list)

http://www.ci.austin.tx.us/downtown/...ter_sept07.pdf

wwmiv · #20 Posted **Jun 29, 2011, 4:59 PM**

Quote:

Originally Posted by DougRockstead

Is the project the same project that was listed as the "constellation/ Red River" project on the City of Austin Emerging Projects poster? (#39 on the list)

http://www.ci.austin.tx.us/downtown/...ter_sept07.pdf

No. That was by an Australian developer. This hotel is from a San Diego firm. Also, that emerging projects file is way outdated. Here's a newer one: http://www.ci.austin.tx.us/downtown/...march_2011.pdf