AUSTIN-Three companies will pull together to develop and manage the 30-story Four Seasons Residences, Town Lake Austin. Construction is expected to begin on the 166 luxury condominiums this fall, with completion anticipated for fall 2009.
The developers for the project at 98 San Jacinto Blvd. beside the 291-key Four Seasons Hotel Austin are Atlanta-based Post Properties Inc. and Ardent Residential of Austin. Four Seasons Hotels Ltd. will manage the project when it's completion. The construction budget was not available.
David Ward, Post Properties' executive vice president and regional investment director, tells GlobeSt.com that his company is familiar with Austin, having acquired two completed projects while building and selling another. However, Four Seasons Residences, Town Lake Austin is Post's first with Ardent and Four Seasons. "It's a unique opportunity to associate with the Four Seasons name," he adds. "And the location next to the Town Lake, that's hard to replace."
Condominiums will range from $400,000 to $2 million. The units will be 1,000 sf to 2,700 sf while penthouses will average 2,700 sf. The high rise also will contain about 7,000 sf of retail as well as a fitness center and spa.
Meanwhile next door, a $15-million renovation is underway and will be complete by year's end on the Four Seasons Hotel Austin. The renovation will add a 5,500-sf spa and encompass a redesign of the hotel's restaurant and makeover of the guest rooms.
Michael Graves & Associates of New York City is the lead architect, with assistance from BOKA Powell Architects in Dallas. Local firm TBG Partners is the landscape architect; Fern Santini of Abode, also in Austin, is the interior designer. Dallas-based Al Coker & Associates will handle condo sales.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.