St. Croix Capital Readies Kickoff of $90M Mixed-Use Project
- Mar 16, 2015
St. Croix Capital Corp. will soon kick off a $90 million mixed-use development in southeast Austin with a 120-key Residence Inn by Marriott. Dubbed Airport Gateway, the multi-phase project will encompass hotel, industrial, and retail components about two miles west of the Austin Bergstrom International Airport.
St. Croix Capital, which has controlled the 60-acre site since 2007, plans 40 acres for industrial use and 20 acres for retail and hotels. Dallas-based Bedford Lodging L.L.C. will develop the hotel on a 3.5 acre parcel at 7119 E. Ben White Blvd.; the property will be metropolitan Austin’s sixth Residence Inn.
“We’ve been looking at Austin for some time now and monitoring the lodging fundamentals closely,” said Jeff Blackman, president of Bedford Lodging in a statement. “The growth of the Austin airport submarket and the improvements to Ben White Boulevard, as well as the strength of the Marriott reservation system will make this project successful. We like the fundamentals of Austin.”
Also planned for the initial phase are two additional hotels, three pad sites and open space, totaling 20 acres of the planned retail space. The marketing, leasing, and sales efforts will be handled by Hannah Douglas and John Elges with St. Croix Capital Realty Advisors. John Macliver with St. Croix Management Group is supervising construction preparation.