AUSTIN—St. Croix Capital Corp. is developing a site just west of the airport for the city's sixth Residence Inn by Marriott. The project will kick off development of a 60-acre, mixed-use development called Airport Gateway in southeast Austin.

“We've owned this land for a while, waiting for the right time to move forward,” says Ken Satterlee, founder and president of St. Croix Capital Corp. “With one hotel signed up, and another one in final contract negotiations, the market is telling us it's a good time to start.”

Located at 7119 E. Ben White Blvd., the property will have approximately 40 acres of industrial space and 20 acres of retail space. Once built out, the development, two miles west of Austin Bergstrom International Airport, is anticipated to have a value of approximately $90 million.

Dallas-based Bedford Lodging LLC has secured approximately 3.5 acres to construct the 120-room hotel; construction is slated to begin in the early second quarter of 2015. Two more hotels are expected to follow suit. At build out, Airport Gateway will have a total of 350 hotel rooms on a new road named Casey Bridge Court.

“We've been looking at Austin for some time now and monitoring the lodging fundamentals closely,” says Jeff Blackman, president of Bedford Lodging. “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.”

With recent roadway improvements around Riverside Drive complete, the development will become the first retail site vehicles can access upon taking the Riverside Drive exit.  Along with the two other hotel spots, three pad sites and open space comprise the rest of the 20 acres of planned retail space, which marks the first phase.

St. Croix Capital Corp. has owned the land since 2007. Its sister companies are also involved: St. Croix Capital Realty Advisors is handling the marketing, leasing and sales efforts, specifically Hannah Douglas and John Elges, and St. Croix Management Group is overseeing site construction prep work, headed by John J. (Jay) Macliver. 

Bedford Lodging is also in development on a TownePlace Suites by Marriott on I-35 in the Lakes at Tech Ridge development that will commence construction late second quarter of this year.