Four Seasons Lake Austin Secures Construction Loan

The Four Seasons Private Residences Lake Austin is finally getting off the ground.

The long-awaited project landed an $870 million construction loan from New York-based TYKO Capital, one of the largest loans ever made for a residential project in Texas, according to a release from the property.

Austin Capital Partners and Lincoln Property Company are the developers on the project, which will include an unspecified number of private residences, 28 villa lots, a private marina with 50 boat slips and amenities operated by Four Seasons Hotels and Resorts at 6507 Bridge Point Parkway, about 10 miles west of Downtown Austin.

The condo project will rise on a 210-acre site that features nearly one mile of Lake Austin shoreline. Amenities at the property will include a restaurant from Michelin-starred chef Daniel Boulud, a private theater, sports lounge, infinity pool, spa, nature trails, clubhouse and a working produce farm.

The financing marks the project’s first push forward in years. It was Austin’s most anticipated project after it was announced in 2021. Construction was slated to start in the fall of 2024 at which point it dominated luxury sales.

Since the project was announced, Austin Capital Partners, started by 1-800 Contacts founder Jonathan Coon, has cycled through three development partners: first Houston-based Hines, then New York-based Turnbridge Equities and now Dallas-based Lincoln Property Company. Coon produced the movie “Napoleon Dynamite,” but has not developed real estate.

The project’s delays and renewed push reflect the development world’s panic over the end of Austin’s post-pandemic growth spurt around 2023. The financing win comes as the city’s CRE markets stabilize after a period of rapid construction.

In the years since the Four Season was supposed to begin construction, other developers have successfully bet on branded condo projects in other parts of the state. Howard Hughes is building the Ritz-Carlton’s first standalone condo building in Texas in The Woodlands, while Satya is building St. Regis’ first standalone condo building in the state in Houston.