AUSTIN – Chicago-based Magellan Development Group LLC and Ryan Companies US Inc. will break ground on a 32-story hotel and residential tower on Fifth and Brazos Streets in the fourth quarter.
Called 5th and Brazos, the project will cost $170 million.
The development will include:
two hotels—a 211-room one under the Thompson Hotels brand and a 190-room one called "Tommie"—on floors five through 14;
flex floors on levels 15 and 16 with 49 rooms for a mix of short- and long-term stays;
274 apartments on floors 17 through 31;
retail space with a 13,000-sf restaurant on the first two floors;
amenities on floors three and four; and
300 below-ground parking spaces.
The hotel will be open to the public in fourth quarter 2020. The apartments will be rolled out in three stages through early 2021.
San Francisco-based Geolo Capital is an equity partner in the project. Stantec Inc. is the civil engineer, bKL Architecture LLC is the architect, and Studio Collective is the interior designer.
The tract currently houses a parking lot run by Nashville-based Premier Parking.
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