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Hyatt Regency Redevelopment

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Fairfield Residential is in the process of buying the Hyatt Regency Hotel in downtown Austin. The 23 year old building sits on a 9.6-acre site that is mostly used for parking. Plans call for renovating the 446-room hotel and adding meeting space. The parking lots surrounding the building could later be turned into a mix of housing, retail, and restaurants.

Although Fairfield's plans are in the early stages, the vision calls for a mix of uses. One scenario would include two residential buildings, shops and restaurants, Howard said. The plans might include a marina where people could dock canoes, rowboats and kayaks.

The site includes about a quarter-mile stretch of the hike-and-bike trail, which would remain under any development plans.

Austin American-Statesman: Hyatt buyers have big ideas for site

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The sale of the Hyatt Regency has gone through to Fairfield Residential clearing the way for Fairfield to make upgrades to the property. Hyatt Hotels Corp. will still run the hotel.

According to Rome, Fairfield plans to renovate the property substantially, including making changes to guest rooms and public spaces. Additionally, Fairfield is proposing to develop upscale residential units and specialty retail shops on the property, Rome says.

Austin Business Journal: Texas company buys Hyatt Regency Austin

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The Austin City Council is scheduled to vote on Thursday on whether to approve the two residential towers planned by Fairfield Residential on the Hyatt Regency site. The towers are planned to be around 200 feet, which is allowed under the current zoning, but are only allowed to cover half the site with building space or other impervious cover.

Fairfield wants more flexible zoning that would allow more impervious cover on part of the site and allow it to spread construction of the two towers over several years.

In exchange, it's offering to reduce the current total impervious cover by 2.3 percentage points to 65.5 percent, allow public access through the property from Barton Springs Road to the lake and comply with green building standards.

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