T
urnbridge Equities, the developer behind one of Austin's largest residential projects, is stepping back from the helm of Four Seasons Private Residences Lake Austin. The firm will remain a preferred equity investor but has relinquished its role as lead developer. Sources close to the project reveal that Turnbridge's departure comes after failing to align on a long-term vision for the development.

    The change in leadership won't impact the construction and delivery timeline, according to Jonathan Coon of Austin Capital Partners. The project has already reached $400 million in sales, with 179 homes across 18 buildings and nine standalone villas priced from $4.1 million. As of June, the Four Seasons was about 40% sold, but had yet to break ground.

    This move comes amidst a tumultuous time for Austin's condominium market, where ultra-luxe homes are still selling despite historically favoring single-family homes and ranches among the city's wealthiest buyers. The project aims to prove that multi-million-dollar condos can also thrive in Austin.

    Turnbridge made a significant equity investment in Four Seasons Private Residences Lake Austin in June, becoming co-developer alongside Hines. However, they were set to take over as lead developer after Hines' involvement ended. The decision marks the latest twist in the $1 billion development, which was announced by entrepreneur Jonathan Coon's Austin Capital Partners in 2021.