W Austin Hotel & Residences

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(Redirected from Block 21/W Austin Hotel & Residences)

Stratus Properties and Starwood Hotels & Resorts broke ground in October 2007 on their 900,000+ sq. ft., $295 million mixed-use project on Block 21 (the lot to the immediate north of the Austin City Hall). Plans for the 37-story project call for the lower levels to house 47,751 sq. ft. of retail & restaurant space and a $15 million, 2,480-capacity House of Blues-style club and entertainment venue (SE corner) where ACL shows will be taped; The 4th floor will contain the full-service Sweat fitness center, a 7,000 s/f Bliss spa, two pools and rooftop garden; floors 6-16 will be the W's 251 hotel rooms; and floors 18-37 will contain the 165 W Residences. Additionally, 460 parking spaces will be provided on 3 levels of below-grade parking and a 10,000 s/f outdoor plaza at 2nd & Lavaca Sts. will also be included within this project.

One bedroom units in the W Austin Residences will range from 644 SF to 1,160 SF and the two bedroom units will extend from 1,519 SF up to 2,155 SF. Three bedroom units will start at 2,239 SF for the smallest, up to 3,484 SF for the largest. And penthouses will begin at 3,051 SF and range up to 4,254 SF (entire floors may be available at 15,100 SF of living space). Prices of the units will range from the high $400,000s to over $3 million.

Stratus Properties purports that demand has far outpaced their expectations. According to Stratus, as of April 2008, 52% of the tower's 165 condominium units have been reserved with nonrefundable deposits of 10% of the purchase price. The current average purchase price stands at $1.1 million.

Also, Live Nation (parent company of the House of Blues) announced that they will be managing the 2,480-capacity (1,146-fixed seat) club and entertainment venue. Furthermore, Earvin "Magic" Johnson's Canyon-Johnson Urban Fund (his private equity fund) has agreed to invest $74 million in the project.

Statistics

Status:	Site Prep. Underway
Floors:	37
Height:	478' (145.7m)
Square footage:	900,000+
Start:	May 5, 2008 (GB held on October 12, 2007)
Finish:	Estimated delivery: Fall 2010 (Hotel); May 2011 (Last Condo)
Developers:	Stratus Properties Inc.