Homes in the Four Seasons Private Residences Lake Austin will start at $4.6 million. DBOX FOR AUSTIN CAPITAL PARTNERS

Austin Business Journal writes, "First there was the hotel. Then the condo tower next to the hotel. Soon, there will likely be an entire neighborhood here with the esteemed Four Seasons brand — 179 residences and nine villas in all on top of hills but with access to the lake via a funicular. Construction may begin soon.

Turnbridge Equities, a real estate investment and development firm responsible for major Austin projects such as Music Lane and the CitizenM hotel, has joined Austin Capital Partners and Four Seasons Hotel and Resorts as a development partner for the upcoming Four Seasons Private Residences Lake Austin, a luxury housing development on Bridge Point Parkway with views of Pennybacker Bridge, the West Austin hills and the downtown skyline, according to a June 7 announcement.

With Turnbridge’s investment, the 145-acre private enclave is expected to begin construction later this year, although it's still in need of a general contractor, organizers said.

A representative of the development declined to disclose the size of the Turnbridge investment, but it is described as “substantial.”

Site work on the project began Feb. 8, 2023. Construction is expected to begin this fall with an estimated opening by the end of 2027.

The expansive development will be home to 188 residences. Of those, 179 homes will be in connected buildings atop a 380-foot hill, and there will be nine standalone villas tucked into the hillside. Homes will range from 2,000 square feet to 7,500 square feet. Sales are underway, with home prices starting at $4.6 million.

The development also will feature high-end amenities, including a clubhouse with a restaurant led by a Michelin-starred chef, a 96-seat theater, a 76,000-square-foot indoor sports club, and a spa and wellness center. Residents will have access to a funicular to transport them up and down the hillside from the homes to a 576-foot private marina located along the property's 3,070-foot waterfront.

And, while the development is not yet built, residents can already experience the living spaces and amenities through the use of virtual reality, an example of how new technology is changing the marketing of real estate. Potential residents can visit an on-site building to pop on a VR headset that allows them to explore homes that do not yet exist.

The VR experience — which Austin Capital Partners allowed the Austin Business Journal to test in April last year — offered scenes of the luxury homes as they might be lived in: filled with furniture, but also the clutter typical of an inhabited home, such as books, magazines and decorations. Surfaces that should reflect images do. If you walk by a mirror at the back of a room, you can watch the reflection of a television that’s playing at the front.

The virtual tour also allows exploration of the development’s amenities, including its sports club and theater, where potential buyers can sit down in one of the 96-seats and watch a movie.

Jonathan Coon, partner at Austin Capital Partners and co-founder of 1-800 Contacts, said he expects the use of VR to market luxury residential developments to gain popularity.

"Give it five years and this will become common," Coon said last year. "It’s like your friend that had an iPhone in 2007, right? Five years later, everyone had it. You’re seeing something that’s inevitable, just early."

While a general contractor is still under evaluation, the rest of the team working on the project is extensive, according to the project's website. Matthew Banister of DBOX, Breck Craparo of Breckstudio Architecture and Stefan Pharis of Pharis Design are attached as architecture designers; Handel Architects and Page are executive architects; Lissoni & Partners is interior designer; Arup is attached as engineer; Adelaide Real Estate is an advisor; and DBOX is taking on brand marketing."


Source: Austin Business Journal

Written by: Cody Baird

Published: June 7, 2024

Posted by Grossman & Jones Group on


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