Whisk together ½ cup sugar, cinnamon, and cornstarch in large microwave-safe bowl. Stir in water and peaches. Microwave on high, stirring occassionally, for 6-8 minutes or until the peaches have softened and liquid has thickened. Remove from microwave and stir in raspberries.
Put the butter in a 9x13 baking dish and place in oven to melt.
Whisk together 1 cup sugar, flour, baking powder, and salt. Gradually whisk in milk and vanilla. Pour mixture over melted butter. Gently spoon fruit mixture evenly on top of batter. Batter will rise to top during baking. Bake for 30 to 45 minutes until golden.
Optional: After 25 minutes cook time, sprinkle turbinado sugar over the top of cobbler and continue cooking until golden.
To serve, scoop onto a plate or bowl and serve with vanilla ice cream.