$370M Austin Fairmont Hotel groundbreaking Nov. 3

AUSTIN – Construction will begin on Nov. 3 on the 1,066-room Fairmont Austin, at the corner of E. Cesar Chavez St. and Red River St. The 1.7-acre site, located next to the Austin Convention Center, is currently a parking lot.

The 37-story hotel is currently projected to open June 3, 2017.

The development will total roughly 1.4 million sf, and — at 595 feet tall — will be the second-tallest building in Austin’s skyline after the 680-foot Austonian residential tower.

The $370 million project will be the third convention hotel in the downtown area, joining the 800-room Hilton Austin and the JW Marriott Austin, which is currently under construction on Congress Ave. and is expected to open in February 2014.

The hotel will be the second Fairmont hotel in Texas and will have more than 106,000 sf of meeting space and a 19,000-sf deck. It is expected to generate more than $15 million in hotel occupancy tax revenue and more than $6 million in property taxes each year.