Recent years have seen hotelier Four Seasons expanding its presence in the luxury real estate market, with 14 private residence properties currently in operation, ten new locations in pre-sales, and 25 additional projects in various stages of planning and construction. Several weeks ago, the luxury hotelier broke ground on a new property in Austin, Texas—a 32-floor tower designed by Michael Graves that will occupy the lot adjacent to the Four Seasons Hotel downtown, and is slated to open in 2010.

Construction had been on hold since 2001, when the local technology industry slowdown put a damper on the company’s initial plans to install the high-profile building on the shores Lady Bird Lake.

The Four Seasons Residences will offer 166 whole ownership units priced from $400,000 to $4 million, with space ranging from 880 to 5,500 square feet. One-, two- and three-bedroom floor plans, as well as a number of 4-bedroom penthouse offerings, will feature 10- or 11-foot ceilings, oversized private terraces with views of the lake and downtown, and top of the line kitchens. Residents will of course have access to the neighboring hotel’s amenities and services, and the new building will boast its own 2,000-square-foot fitness center and what will be the highest rooftop pool in Texas.

While some might be surprised to see a city like Austin on Four Season’s residential short list, the Texas capitol—and recent magnet for all manner of deep-pocketed, big city ex-pats—appears to have the market to support such a project. Contracts have been signed on 40 percent of the units, and prices on the residences have been on a steady rise since August, with some units seeing hikes as high as 20 percent.

The city’s no-fuss demeanor bundled with its ideal weather, burgeoning music and bar scenes and relatively inexpensive real estate market make it an attractive prospect for the young and affluent looking to relocate from larger cities like New York and Los Angeles.

The Four Seasons Residences in Austin will be one of a number of properties prospective buyers can hope to see from the hotel company in the near future. Other spots to keep an eye on are Vail, the Maritius Islands and Barbados.