The Old Travis House Building in Central Austin - An Eye-Sore No More?

In order to avoid rush hour traffic on MoPac, I often travel southbound on Guadalupe and take in some of Central Austin's scenery - The Drag, the old Dog and Duck Pub, the Travis House and to get a glimpse of Downtown Austin.  As I've made this my preferred route home, I've often wondered why this building has sat un-occupied for so long (see photo).

photo courtesy of Mike Wachs

The Travis House has been reported to have been over the course of it's lifetime

• originally opened as a 30 unit apartment building in 1945
• became one of Austin's first air-conditioned hotels in the late 40's
• was purchased by the YMCA in the mid-50's for women's housing
• jumping to the mid 90's, it was purchased by the Travis County Justice System as a half-way house for ex-offenders (that idea wasn't popular with UT or the locals)
• several fires have been fought since it's been vacant (since the late 90's)

Recently, I've noticed recently that something is going on at old Travis House building located on the southwest corner of 18th and Guadalupe.  Today when I passed, I snapped the photo below.  

photo courtesy of Jennifer Archambeault

Now it makes me wonder what all the commotion is all about... who's going to occupy this prime piece of real estate?  Will it be a parking garage, a new office complex or another housing development (condo/apartment)?