Called the Four Seasons Private Residences Lake Austin, the Four Seasons partnered with Austin Capital Partners and real estate investment firm Hines.
The 145-acre private residence community, which will be located on Bridge Point Parkway west of Loop 360 and the Pennybacker Bridge, is expected to break ground in 2023 and open in 2025, according to a fact sheet attached to the news release.
The community will feature 18 buildings, each 45 feet higher than the top of the hill, and 179 resident spaces priced at $4 million and up. Residential spaces range from 1,900-square-foot condos, 7,000-square-foot four-bedroom units and 3,000-square-foot penthouses with 40-foot pools. The property will feature amenities such as a private marina, a lake clubhouse, a covered garden, an athletic center, a spa, a 300-foot infinity edge pool, a theater, a private restaurant, nature trails and a private park. The property will be the first of its kind in Texas and the firm's fifth location worldwide. Presale for units began this fall.
It is no surprise Austin was chosen to be the Four Seasons next location since the city is gaining worldwide popularity, CEO of Austin Capital Partners Jonathan Coon told Community Impact Newspaper.
“The reason Four Seasons chose [the hill near the 360 overlook] is the same reason 4,000 people a week want to go there,” Coon said. “The overlook has about 250,000 visitors a year and naturally attracts people. It has this depth and the view of the bridge, the lake, the golf course, the city skyline.”
It is unlikely the hill country will gain any sky-rise developments for a long time, such as many of the buildings popping up throughout downtown, which protects the view of the overlook, Coon said. The location is an ideal spot that lines up with the development team's vision to combine a great view, privacy and access to Lake Austin, Coon said.
“Usually people have to sacrifice privacy if they are on Lake Austin because boats and paddle boarders can come right up to people's backyard,” Coon said. “Or they sacrifice views because if you have a home on the lake, typically people can only look at the lake and another home on the lake.”
Caring for the environment is a central part of the development team's vision, said John Davison, CEO of Four Seasons Hotels and Resorts, in the release.
“Our plan—supported by our neighbors and approved by the city—includes safe and accessible parking for the overlook and cliff,” Davison said. “In addition to donating half of our lakefront property to the city, we will continue to invest in the responsible development of the green space—creating the first new park on Lake Austin in decades.”
Four Seasons is dedicating 1,466 feet of the property’s cliff area to become a public overlook and park overlooking Lake Austin, Pennybacker Bridge, the Austin Country Club golf course and downtown Austin’s skyline, according to the company's environmental stewardship sheet. The firm will also fund the construction of 25 free parking spaces accessing the overlook. Four Seasons has agreed to protect 75% of Heritage trees throughout the site and will dedicate 90 acres of the property to be protected green and parkland space. Additionally, the hotel and resort company will employ Dark Sky design guidelines on the property and is considering a solar energy pathway to all buildings.
Editor's note: This story was updated to include additional comments from Jonathan Coon, CEO of Austin Capital Partners.