Pinnacle Hotels USA is planting the seeds for a two-tower development just east of downtown Austin.
The company, led by CEO Barry Lall, wants to redevelop the six-story DoubleTree UT Austin hotel into a pair of high-rises with residences and hotel rooms, the Austin Business Journal reported.
The project, dubbed Pinnacle Plaza, would rise on a 3-acre site along North I-35 Service Road, next to the Denny’s restaurant that Ledgestone Development Group is redeveloping into condominiums.
Pinnacle has requested to rezone the property for increased density. If approved by Austin City Council during its April 18 meeting, the maximum floor-to-area ratio would jump from 1:1 to 8:1, and the maximum building height would rise from 60 to 280 feet. The zoning change would also permit a maximum building coverage of 95 percent and maximum impervious cover of 95 percent.
In addition to the 149-room DoubleTree hotel, the property comprises a 3,000-square-foot building used as meeting space and 65,000 square feet of surface parking. The site is valued at $22 million, according to the Travis Central Appraisal District.
Pinnacle owns nine hotels in California and Texas. In Austin, the firm also owns the DoubleTree Northwest Arboretum.
While many developers flock to the Domain area in North Austin and East Austin, there are still several notable projects in downtown’s pipeline.
Pearlstone Partners, for instance, is planning a 35-story hotel for its 14th & Lavaca tower, switching gears from previous plans for a 250-unit condo project near the Texas Capitol.
In another proposed redevelopment, Northland Living aims to transform the Combined Law Enforcement Associations of Texas headquarters, at 400 West 14th Street, into a 35-story condo building.
—Quinn Donoghue
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