21c Museum Hotel developers in Austin next week
By Tim Eaton | Tuesday, November 24, 2009, 12:26 PM
The developers of the proposed 21c Museum Hotel are coming to Austin next week to present an update on the stalled downtown project.
Developers Steve Poe and Craig Greenberg will be speaking to the Waller Creek Citizen Advisory Committee at City Hall on Dec. 3.
The proposed project includes a hotel and condominiums at East Caesar Chavez and Red River streets. City leaders had hoped that the tax revenue from the project would kick-start plans to build a flood control tunnel along Waller Creek, helping spur redevelopment in the area.
Michael Bonadies, president and CEO of 21c Museum Hotels, said the project plans are complete, and they’re ready to move forward.
But there is still a major obstacle.
“We continue to work hard on sourcing construction financing in what has proved to be a difficult environment,” Bonadies said in an email. “However, we remain optimistic, encouraged by some of the feedback we have recently received, which leads us to believe that 2010 will bring a more favorable climate for construction financing.”
Originally, the project was slated to break ground at the beginning of the year, but the floundering economy got in the way.
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