After jumping in as developer at one of Austin’s biggest residential developments, Turnbridge Equities is now taking a step back from the project.
Turnbridge is no longer the developer of the Four Seasons Private Residences Lake Austin, sources tell The Real Deal. The firm will remain a preferred equity investor in the project. It is unknown which firm might take its place on the development side.
“Although we were not able to align on the long-term vision for the project, this change to the development team will not affect our construction and delivery timeline,” said Jonathan Coon of Austin Capital Partners. He noted that the development has reached $400 million in sales.
The project is slated to include 179 homes across 18 buildings, plus nine standalone villas. They start at $4.1 million according to the project’s website, ranging from 1,900 square feet up to four-bedroom spreads.
As of June, the Four Seasons was about 40 percent sold, but still had not gone vertical.
The move comes at a turbulent time in Austin’s condominium market. Ultra-luxe homes are still selling, but the city’s wealthiest buyers have historically favored single-family homes and ranches over condos. Some projects, like the Four Seasons and MML Hospitality and Riverside Resources’ Sixth&Blanco, aim to prove Austin can sell multi-million-dollar condos, too.
That month, Turnbridge made a “substantial” equity investment in Four Seasons Private Residences Lake Austin and became the project’s co-developer. It planned to begin construction in the fall and wrap up work in 2027.
Tunrbridge was to succeed Hines as co-developer on the project.
The decision marks the latest twist in the $1 billion development, which was announced in 2021 by entrepreneur Jonathan Coon’s Austin Capital Partners. Coon founded 1-800 Contacts, which sold for $900 million in 2012, and produced the movie “Napoleon Dynamite,” but has not developed real estate.
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Turnbridge buys in at Four Seasons Private Residences Lake Austin
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