California developer plans 1,000 apartments at Radisson Hotel Austin
Hotel renovation to include “one of the best resort party type pools in the city of Austin”
The vacant Radisson Hotel Austin – University is set for a transformation that’s expected to create a boatload of residences north of downtown.
Developers aim to renovate the 298-room hotel and add 1,000 apartments across five buildings, along with 40,000 square feet of commercial space, the Austin Business Journal reported, citing a rezoning request with the city.
The roughly 8-acre site at 6121 North Interstate 35, is owned by Pasadena, California-based ASAP Holdings. It is valued at $22 million by the Travis Central Appraisal District.
The hotel will be rebranded as Delta by Marriott, featuring a Starbucks and a restaurant. The project has an estimated cost of $145,000 per key, according to ASAP’s website.
The multifamily portion calls for the construction of apartment buildings, comprising two- and three-bedroom units, accompanied by 966 parking spaces. Residents will have access to the hotel’s amenities.
The firm plans to renovate the hotel pool “to be one of the best resort party type pools in the city of Austin,” according to its website.
ASAP wants to rezone the site from mixed-use to high-density mixed-use, with the City Council set to consider the change on Jan. 18.
The property deed was transferred to ASAP from LW Austin VI LLC, which has the same Kentucky address as Commonwealth Hotels, in 2022. A year previously, it was acquired from Hotels USA Partners LLC, which owned it for 20 years, the outlet said. ASAP bought the site for $38 million and sold the hotel’s parking lot to another developer for $26 million.
ASAP plans to reserve about 10 percent of the units as affordable housing for renters earning 60 percent of the median family income, aligning with the city’s affordable housing ordinance. District 4, where the project is located, is 50 percent on track to meet its 10-year goal for affordable housing units, according to a study by Housing Works Austin.