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ASAP Planning Hotel Redo, Apartments Near UT
A complex redevelopment scheme is winding its way through the Austin city government. The Austin Business Journal reports ASAP Holdings bought the vacant Radisson Hotel Austin-University in 2021 for $37 million. ASAP now plans to renovate the hotel’s 298 rooms and put up as many as 1,000 new apartments as well as some retail space. To allow for the additional development ASAP seeks to rezone the site from mixed-use to high-density mixed-use. The change is set to be considered this month by the Austin City Council.
The hotel will be rebranded Delta by Marriott and ASAP is spending $145,000 a key on the makeover ($43 million).
As to the residential housing component, ASAP Austin plans to dedicate about 10% of the project’s dwellings as affordable housing to area residents earning 60% of the median family income, or MFI.
The hotel guests and apartment dwellers will share the project’s amenities.
- ◦Sale/Acquisition
- ◦Development
