The 32-floor mixed-use tower development now nearing completion at the northeast corner of Fifth and Brazos Streets contains two Hyatt-owned hotel brands — the Thompson Hotel and the more casual, strategically-lowercased tommie — but atop the hotels and their associated retail closer to the ground at 501 Brazos Street, there’s a substantial residential component occupying the tower’s upper floors in the form of Sienna at the Thompson, a 331-unit apartment community in the pre-leasing phase with a temporary leasing office now open at the tower site.
We’ve been watching this tower project by Chicago-based real estate firm Magellan Development Group — in partnership with BLG Capital Advisors, Geolo Capital and Wanxiang America Real Estate Group, with architecture also hailing from Chicago by way of firm bKL — since it broke ground all the way back in 2018. Since it’s only one of several tall buildings planned along Brazos Street — and not the only one with a Chicago connection, either — we’re excited to see the transformation of what was previously a surface parking lot in an active district of downtown. It’s nice when nobody can really have beef with a new Austin project replacing something.
While Austin has lots of hotels in various stages of planning or construction at the moment, few recent projects also offer this sort of residential component — the Gables Republic Square apartment community atop the recently-opened Hotel ZaZa is a notable addition, with the Austin Proper Hotel and Residences placing condos above its hotel. The Sienna section of the Fifth and Brazos building will contain approximately 770,000 square feet, the largest single component of the tower.
You’ll notice based on the layout rendering above that the project isn’t overwhelmed by a massive parking podium, instead electing to place its four garage levels underground — allowing for two levels of retail and amenities at the street level. Still, 297 parking spaces will be available to Sienna’s residents.
The residences will be a mix of junior one-, one-and two-bedroom units. Additionally, Sienna at the Thompson will offer eight unique Ori Living residences featuring modern living robotic space saving solutions, such as the cloud bed and pocket offices.
— Sienna at the Thompson, Magellan Development Group
In addition to the many shared amenities with the two adjacent hotels in the same building like concierge services and valet parking, resident amenities include a private rooftop deck and fitness center along with what’s described as a “sound-isolated music room” — no images of what that’s going to look like, unfortunately.
The hotel section of the tower will contain several restaurants along with an all-day coffee shop and bar. At least 56 of the 331 units at the tower are currently pre-leased, according to management, at an average monthly rate of $2,636 — and the project expects its first move-ins to arrive by late summer.