AUSTIN, TX-A $135-million resort project near here has received the financing it needs to go vertical. Site work for the 405-acre development got under way in June, and a recently closed $74.3-million loan from Prudential Mortgage Capital means the development remains on track for a summer 2006 opening.The resort site is located 13 miles from the Austin Bergstrom International Airport, between the cities of Austin and Bastrop. The development will include a 500-room Hyatt hotel, an 18-hole golf course and a full-service spa. Other amenities include 50,000 sf of indoor function space, several outdoor event venues and a man-made river pool alongside the Colorado River.The resort is a joint venture among affiliates of Dallas-based Woodbine Development Corp.; Anchorage-based Cook Inlet Region Inc.; the Oklahoma Publishing Co. of Oklahoma City; and Hyatt Hotels Corp. of Chicago. A spokesperson for Woodbine, the general manager of the joint venture, declined to provide for the percentage interest each entity has in the project and did not know any of the specifics of the financing. The loan officer, Paul Geyer of Prudential’s Dallas office, was not immediately available for comment Thursday afternoon.The resort is being developed on 405 acres of the 656 acres Woodbine purchased from the Lower Colorado River Authority in March 2004. The resort site adjoins the LRCA’s 1,100-acre McKinney Roughs Nature Park and includes about one mile of Colorado River frontage. The remaining 251 acres are being reserved for future development.The general contractor for the project is Lyda Swinerton Builders, Inc., of San Antonio. The golf course contractor is Oliphant Golf Construction, Inc. of Middleton, WI. The building architect is Hill Glazier Architects Inc., of Palo Alto, CA.

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