Lavish mass timber project breaks ground on West Sixth
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A rendering of the awning at the new mixed-use site Sixth&Blanco. Construction began this month. Rendering: Courtesy of MML Hospitality and Riverside
Construction for mixed-use site Sixth&Blanco has begun, according to Austin real estate development firm Riverside and Larry McGuire, local restaurateur and co-founder of MML Hospitality.
Why it matters: The structure will be made out of mass timber, an increasingly popular way to construct buildings out of wood composites rather than steel and concrete.
- The project also marks another big step into real estate development for McGuire, whose MML Hospitality Group has virtually taken over Austin's restaurant scene and stepped into the hotel and retail space in recent years.
Driving the news: The 1.6-acre development, designed by Swiss architectural firm Herzog & de Meuron, will include 10 private residences, an MML-operated luxury hotel, high-end retail, art galleries and restaurants.
- The homes occupy the upper two levels of the five-story project and start at $10 million apiece. Developers say they have commitments for 50% of the private residences.
What they're saying: "The private homes at Sixth&Blanco promote the very best of Austin's indoor-outdoor lifestyle in a uniquely urban-yet-neighborhood location," McGuire said in a statement. "The project provides owners with a host of amenities, dining options and recreational activities."
- MML Hospitality first stepped into hotels in 2021 with the opening of Hotel Saint Vincent in New Orleans.
Between the lines: Lightweight, attractive and sturdy, mass timber buildings are considered carbon-friendly alternatives to conventional ones.
- Austin's own Hotel Magdelena, which opened in 2020, became the first mass timber boutique hotel in North America.
Follow the money: MML Hospitality and Riverside closed a $193 million construction loan with Arvest Bank, with participation from Prosperity Bank and Southside Bank, to finance the project.
What's next: The private residences are expected to open by mid-2027.