Are you planning to visit the Austin area? Or, perhaps you have someone coming to visit you and you don’t have room at your home for them to stay the night. In either case, you will soon have a new hotel option available to you. If you are looking for a great new condo to form a new residence in Austin, this new development will be even more exciting to you.
According to Commercial Property News, the Austin-based Stratus Properties Inc and the Canyon-Johnson Urban Fund have managed to secure a $165 million construction loan that will allow them to build the W Austin Hotel & Residences in Downtown Austin in the 2nd Street District.
The new hotel and residences are expected to be completed in early 2011. It is scheduled to have 252 guest rooms and suites as well as 165 residential units. In addition to the rooms and residential units, it will also include a 5,000 square foot meeting place, a 4,300 square foot banquet room, and an 8,000 square foot fitness center and spa.
The project was first announced about six months ago and 40% of the residential units are already under contract and 20% if the units are in the process of being put under contract, despite the fact that the condo market throughout the country has been on the decline. This is just one more example of Austin going against the trend. In fact, according to a study recently conducted by Capitol Market Research, the demand for condos in the Austin area is matching the growing supply and an amazing 68% of condo buyers are already from the area and 70% of the buyer don’t even work in the Downtown area. Instead, they are simply choosing to move to the area because of all it has to offer.