The first residential listing has arrived for one of the most anticipated luxury projects in Austin.
A 2,860-square-foot, three-bedroom, four-bath condo at the $830 million Four Seasons Private Residences Lake Austin development is currently available for $6.8 million. That’s about $2,380 per square foot. Eric Moreland of the Eric Moreland Group has the listing for what is the most expensive condo in Austin.
The address for the unit is 6507 Bridge Point Pkwy #OAK-2B. The condos are being designed by Piero Lissoni of Lissoni and Partners. The lowest priced condos are starting at $4 million.
The listing describes the unit’s design as a “visceral selection of interior palettes to emphasize thoughtful customization and natural continuity between the resort environment and residential experience.”
Hines and Austin Capital Partners are heading up development, while Four Seasons Hotels & Resorts will lead amenities. In the gym alone, those include four pickleball courts, a 300-foot infinity pool, two golf simulators, and an indoor basketball court. On top of the 75,000-square-foot gym, residents can access two clubhouses — one will sit on the lake, while the other will span 240,000 square feet, farther up on the property.
In a first for the Austin area, the project will include a hillside funicular that ferries residents from the clubhouse overlooking the lake down to a private marina.
Construction is set to begin this summer, with plans for six residential buildings spanning just over 1 million square feet. The project will create 179 homes starting from 1,900 square feet to four-bedroom spreads. It is scheduled for completion by 2026.
Full financing plans for the project couldn’t be determined. The developers have a $45 million loan from Bank OZK, according to documents signed in September. The Little Rock-based lender has been very active in recent months, dishing out nine-figure loans to developers in New York, Miami and Texas. In April, the bank lent $300 million to Lincoln Property Company and DivCo for their 833,000-square-foot office tower in Austin.
The Austin luxury home market is on the rise, according to data from theTexas Realtors and the Texas Real Estate Research Center at Texas A&M University. The Austin-metro area saw a 15 percent increase in the number of million-dollar homes sold from November 2021 to October 2022. Demand in and around the city, where East and West coasters are flocking thanks to a lower cost of living, an emerging tech sector and the pandemic-era ability to work from home, has soared.
The average price per square foot of a high-end home in Austin sits at $520 compared to $283 for the market as a whole. Million-dollar home sales in the city peaked last May, when 462 homes were sold in one month.
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