Jonathan Coon, the 1-800-Contacts founder who sold the company for $3.2B in two tranches between 2012 and 2020, is converting a former Exxon industrial property on Lake Austin into a Four Seasons Private Residences enclave. The $35M project marks Four Seasons' first branded residential entry in the Austin market and places the Toronto-based operator directly into Texas luxury real estate during a cycle when most coastal flags are tightening development commitments.

The site sits on Lake Austin's west shore, previously held by Exxon as a marine operations facility. Coon acquired the parcel through Lake Austin Holdings, his Austin-based vehicle focused on trophy waterfront assemblages. The development will include six to eight single-family residences and a private amenity pavilion with lake access. Four Seasons will provide full property management, concierge services, and access to its global residence network—now 54 properties across 19 countries. Construction is expected to begin in Q3 2025, with first closings targeted for late 2026.

This matters because Four Seasons is moving capital into secondary American metros while peers pause. The brand opened three North American branded residence projects in 2024—Napa Valley, Nashville, and Fort Lauderdale—after adding only two in the prior three years combined. Austin's luxury residential market absorbed $1.8B in single-family transactions above $3M in 2024, up 22% year-over-year, according to Redfin data through November. The city now hosts Rosewood, Fairmont, Thompson, and imminently Four Seasons—a density of five-star flags typically reserved for gateway cities three times its size.

The former Exxon site also signals a broader industrial-to-residential conversion trend along Lake Austin, where aging commercial parcels with deep-water access are trading at $12M to $18M per developable acre. Coon's firm has quietly assembled four waterfront sites since 2021, positioning for a development pipeline that could add 25 to 30 ultra-high-net-worth units by 2028. Four Seasons' willingness to attach its flag suggests confidence in sustained demand despite Austin's well-documented migration slowdown—net inbound moves dropped 31% in 2024 compared to 2022 peaks, per U.S. Census estimates.

Operators and allocators should track Fort Lauderdale's performance as the comparable. Four Seasons opened its branded tower there in March 2024 with 60 units; 48 sold within six months at an average $4.2M. Lake Austin's smaller scale and lower basis—estimated at $5M to $6M per finished unit versus Fort Lauderdale's $7M to $9M—could produce faster absorption if Austin's family-office buyer base remains active. Watch for Rosewood's adjacent site permit filings, expected by mid-2025, which would confirm competitive density assumptions.

Four Seasons reports $22B in branded residential inventory under development globally, with 38% now in the Americas—up from 29% in 2022.