Four Seasons condo project planned for prime Lake Austin property

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A prominent hill on Lake Austin – one of the last remaining vacant lots overlooking the lake – is being developed with a standalone condominium project operated by Four Seasons Hotel and Resorts.

The project, called Four Seasons Private Residences Lake Austin, includes 179 high-end residences on the premier property on Shepherd Mountain.

The development is a venture between Austin entrepreneur Jonathan Coon, who owns the Four Seasons Hotel and Resorts property, and Hines, a Houston-based real estate investment firm.

The project is a departure from previous plans for the site that at one point included an elevator 180 feet from the lake, a restaurant, homes, condominiums, and possibly office or hotel space.

The Lake Austin project would be the newest standalone location for Four Seasons Private Residences and the first in Texas. Other locations are in London, Los Angeles and San Francisco. The project is described as stand-alone because it is not accompanied by a Four Seasons Hotel, as is the case with the Four Seasons Residences in downtown Austin.

The developers did not disclose any estimated costs for the project or details of how it would be funded. They are aiming for a groundbreaking ceremony in early 2023 and expect the project to be completed by the end of 2025.

The 145 acre site on which the condominium project is to be built is known as the Camelback Tract and is located on Bridge Point Parkway and Loop 360, west of the Pennybacker Bridge.

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Coon, CEO of Austin Capital Partners, said 90 of the 145 acres will be preserved as green space or public parkland.

Coon said he is donating half of the waterfront property to the city for a public viewing point. In the easternmost section of the property, near Pennybacker Bridge, there will also be 16 acres of public open space where Coon plans to add a path for walking, biking, and jogging.

The residential units would be spread over a total of 18 buildings, each four storeys high. Prices for the units, marketed by Austin-based Moreland Properties, are expected to start at $ 4 million. The condos would range from 1,900 square feet to 7,000 square feet, with parking spaces under each residence. Four Seasons will manage the property’s services.

Two restaurants, pools and a spa and fitness area are also planned, all of which may only be used by residents. About 30 boat docks are planned, said Coon, all of them for the homeowners with the exception of one each for the police and fire brigade.

A funicular with two cabins is planned to allow residents a two-minute ride down the steep slope to the jetties below. A four-story office building with 160,000 square meters and two restaurants are also planned on the property.

Charles Heimsath, an Austin real estate consultant, was not involved in the Four Seasons Lake Austin project but knows his way around the property.

“It is without question one of the most spectacular residential locations outside of downtown Austin,” said Heimsath. “The Four Seasons brand is one of the most sought-after and should offer the residential units added value.”

“Environmental responsibility”

The Four Seasons condominium project is the latest iteration of a development Coon first planned a few years ago.

According to Coon, the focus of the new vision for the project is “a responsible approach to the environment in order to preserve and protect this iconic place”.

“Our plan – supported by our neighbors and approved by the city – provides secure and accessible parking for the lookout point and the cliff. In addition to donating half of our lakefront property to the city, we will continue to invest in responsible green development space – creating the first new park on Lake Austin in decades, “said Coon.

Coon’s previous plans included an elevator that rose 180 feet from the lake to an upscale 200-seat restaurant on top of a hill, along with a 24-slip marina, homes and condos, and possibly office space or a hotel.

Now, under the zoning approved for Coon’s property in 2018, which has endorsed about a dozen nearby neighborhood groups, “the plan is protecting the cliff … from development and officially opening the lookout to the public,” Coon said.

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Coon said he intends to “provide a legal and safe way for people to visit the cliff lookout” and enjoy views of the lake and the city skyline.

Coon said he is also working with the Texas Department of Transportation on road and park improvements in the area.

Coon said hikers and others are now illegally and unsafe parking along Loop 360 to get to the top of the hilltop of his property, which he said sees about 250,000 visitors annually. He said he plans to open this land to the public and address the parking situation.

“We are committed to providing 25 parking spaces accessible from (nearby) Bridge Point Parkway, but we’re also working with (the Texas Department of Transportation) to increase that to 75 parking spaces,” he said.

“Well accepted by the neighbors”

Alison Alter, the Austin city council member whose district includes the proposed Four Seasons project, said it will be “an environmentally sustainable development that will add a significant amount of green spaces, parks and affordable housing to our city.”

“This project is a positive example of how developers should strive for neighborhood engagement,” said Alter.

Some neighbors who support the project said they see it as a “win-win” compared to the denser development that could have been built under previous permissions.

“It was so outrageous. That’s a big improvement,” said Marisa Barreda Lipscher, president of the Shepherd Mountain Neighborhood Association. “So far it has been relatively well received by the neighbors.”

Linda Bailey, President of the Lake Austin Collective, represents thousands of homes around the Camelback property. Bailey said the group reviewed and supported the overall concept of the project.

“We hope that this project will serve as a model for other developers to work with neighbors and for environmentally sound development. We wish all developers to approach their projects and neighbors like Jonathan Coon with this project, ”said Bailey.

‘Spectacular’ property

David Armbrust, an Austin real estate attorney, represented Exxon Mobil as the owner of the property and kept the property secret for 25 years.

Armbrust said the proposed development is well suited for a property that was in great demand, including from the current owner, who “has tried several times to buy it but has never given up”.

“Looks like an amazing project on an amazing website,” said Armbrust of the proposed Four Seasons project.

Crossbow called the area “one of the most spectacular properties in central Texas and perhaps in all of Texas”.

Coon, the owner of the property, is best known as one of the founders of 1-800-Contacts, a company that sells replacement contact lenses. The company was sold for $ 900 million in 2012 and was acquired by KKR for $ 3.1 billion in 2020.

In 2018, Coon announced to the American statesman that he and his wife Kirsten, who have three grown children, were planning to build a house on their land on Lake Austin.

During a tour of the property on Monday, Coon said the couple still plans to build a house on one of the 12 single-family lots that are also planned on the property.

Since they plan to live on the property, according to Coon, they have a personal interest in ensuring that the project achieves its goal of making it the “most beautiful place to live”.

“We are Austinites and we love Austin,” Coon said in a previous interview. “We believe there is an opportunity to do something great for Austin that everyone is looking forward to.”

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https://www.statesman.com/story/business/real-estate/2021/11/09/four-seasons-hotel-and-resorts-condos-planned-prime-lake-austin/6266283001/