Turnbridge Joins Four Seasons Private Residences Lake Austin

Turnbridge Equities is making a bet on one of the most-watched residential developments in Austin.

The development and investment firm has made a “substantial” equity investment in Four Seasons Private Residences Lake Austin and become the project’s co-developer. The fresh funding, amount undisclosed, will allow construction to begin in the fall, with an estimated completion date in 2027.

Turnbridge joins Austin Capital Partners, the firm founded by entrepreneur Jonathan Coon, which announced the development in 2021. Coon founded 1-800 Contacts, which sold for $900 million in 2012, and produced the movie “Napoleon Dynamite,” but has not developed real estate.

Turnbridge Invests in Four Seasons Private Residences Lake Austin — Four Seasons Private Residences Lake Austin (DBOX for Austin Capital Partners, Getty)

Hines previously served as co-developer on the project, which is about 40 percent sold. It will stay on as an advisor in the short term and then transition off the project.

Homes at the $1 billion development start at $4.6 million. The developers plan 179 homes across 18 buildings, plus nine standalone villas. They are slated to range from 1,900 square feet up to four-bedroom spreads. Situated on a cliff above a bend in Lake Austin overlooking Pennybacker Bridge, the development is targeting the types of global, deep-pocketed buyers who traditionally flock to Palm Beach and Aspen.

Austin’s wealthiest buyers typically spring for isolated ranches and single-family mansions. Turnbridge and Austin Capital Partners will need to persuade those buyers to purchase a home that is connected to others.

A major part of the pitch is a 100,000-square-foot amenities program that includes two clubhouses connected by a glass funicular that ferries passengers from the top of the cliff to a lakeside marina. Up top, there will be a Daniel Boulud Cafe and 96-seat theater. Down by the water, residents can take out electric-powered boats from the 576-foot marina.

The developers are also planning a 76,000-square-foot gym with two golf simulators, a full-size indoor basketball court, an indoor clay tennis court, as well as indoor pickleball and padel courts.

Doug Opalka of JLL and Jason Parker of Cobalt Equities arranged the deal.

In the late 2010’s, Turnbridge developed Music Lane, a central shopping and office center on South Congress Avenue. The project lured high-end brands like Hermes and Equinox as tenants, marking a shift for the city’s shopping scene towards a wealthier, national customer.

“Originally, we wanted to find a developer to come on as an equity partner, and I was unsuccessful. You could go down the list: If you can think of a large developer that does luxury residences, I probably talked to them. And people just didn’t get Austin,” Coon said. “But Andrew [Joblon] got Austin 10 years ago.”

Turnbridge upped the ante for Austin retail. Now, it will need to do the same for the city’s luxury residential market.