The $370 million Fairmont Austin on downtown’s eastern edge reached its tallest point of construction on Friday, a milestone for what will be the city’s largest hotel .
“This is an important milestone for an extraordinary addition to Austin,” said Doug Manchester, president of Manchester Texas Financial Group, the developer of the hotel at East Cesar Chavez and Red River streets, just east of the Austin Convention Center. “We’re going to great lengths to ensure we get every detail right and create seamless integration from the surrounding environment to the spaces within and throughout.”
Designed by Gensler Austin, the 37-story hotel will soar 590 feet (including its spire), which will make it the second-tallest building on Austin’s skyline when it opens next year, behind The Austonian residential tower. Another tower will eclipse the Fairmont once completed, a 58-story condo project called The Independent that is under construction near Seaholm on the west side of downtown.
The Fairmont Austin is expected to generate about 1,000 permanent jobs upon completion, developers say.
Manchester officials say the Fairmont will have 1,048 rooms and 1.4 million square feet of space — the equivalent of 3.8 Texas State Capitol buildings.
City leaders and hospitality industry experts say the project will help the Austin Convention Center lure larger — and more lucrative — conventions, trade shows and other events. The Fairmont will have a direct access to the Convention Center via an elevated bridge across Red River Street.
The project is expected to generate up to $20 million a year in state and local taxes, with most local taxes going to the Waller Creek tax-increment financing district.