AUSTIN – Magellan Development Group and contractor Ryan Companies will break ground on the 32-story hotel and residential tower at the northeast corner of Fifth St. and Brazos St. in fourth quarter 2018.
Construction is expected to cost about $170 million.
The first two floors will include retail space and a 13,000-sf restaurant.
Floors three and four will feature shared amenities.
There will be roughly 400 hotel rooms split between two distinct concepts on floors five through 14.
Hotel A, a luxury boutique hotel under the Thompson Hotels brand, will have 211 rooms with rates of more than $400 per night.
Hotel B, called "Tommie," will have 190 rooms with a more micro-unit experience targeted toward a younger demographic.
Flex floors on levels 15 and 16 with 49 rooms will be intended for either short- or long-term stays.
The hotels will be topped by 274 apartments on floors 17 through 31.
The hotels will open to the public in fourth quarter 2020, and the apartments will be rolled out in three stages through early 2021.