A 1,000-room resort-style hotel and major convention center could rise next to the Circuit of the Americas, but only if the city of Austin agrees to get involved.
Houston-based RIDA Development is in talks to transfer ownership of 21 acres near the Southeast Austin racetrack to the city at no cost, a move required for state tax breaks, the Austin Business Journal reported. The land would anchor a proposed 460,000-square-foot convention center and hotel complex, and RIDA said it can’t pencil without help from the city to qualify for state tax rebates.
The Austin City Council is set to consider the land deal at a meeting next week. If approved, the city would own both the land and the convention center, a requirement to unlock incentives under Texas Tax Code. The hotel would be privately owned, though RIDA is still seeking a flag to manage the property.
The project would become one of the largest hospitality developments in the region, second only to the Fairmont downtown in room count.
The convention center would include 150,000 square feet of rentable meeting space, similar to Palmer Events Center, but it isn’t intended to compete directly with Austin’s main convention venue, which is currently being rebuilt. RIDA instead envisions targeting smaller weekday events and groups tied to the racetrack’s racing and concert schedule.
Opened in 2012, Circuit of The Americas is a 3.4-mile motorsports track that hosts Formula 1, MotoGP and other major racing and concert events, a cornerstone of Austin’s event tourism scene. Brad Pitt recently took his first F1 drive at the track as a promotion for his “F1” movie.
The racetrack’s chairman Bobby Epstein endorsed RIDA’s proposal, saying it would drive “tens of millions” in new tax revenue and allow the venue to host larger car shows and product launches. The project could also help mitigate congestion and extend visitor stays with on-site lodging.
Still, the proposal is early. Design and entitlements could take up to 18 months, followed by a three-year construction timeline. RIDA’s marquee projects include the 1,000-room Marriott Marquis Houston.
The proposed site is near COTALAND, a motorsports-themed amusement park now under construction, further positioning the area as a tourist destination.
— Judah Duke
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