The Real Deal Miami

Naples condo breaks ground after penthouse sales top $32 million

The general contractor for the Mystique development is Miami-based Coastal Construction

Rendering of Mystique

Crews broke ground for a 20-story luxury condominium in Naples after pre-construction sales of the four penthouses alone totaled more than $32 million. The condo, called Mystique, is located in the high-end Pelican Bay community of Naples.

Miami-based Coastal Construction, the general contractor for Mystique, is working on the initial stage of construction with another Miami-based company, HJ Foundation, a deep-foundation contractor that specializes in augered-in-place piling.

The developer, Pelican 1 Owner LLC, is an equal partnership between international investment firm Kohlberg Kravis Roberts & Co. L.P. and the Gulf Bay Group of Companies.

Gulf Bay Group has developed 14 residential Pelican Bay properties that front the Gulf of Mexico.

Mystique will have 68 “estate” units that range in size from 4,003 square feet to 5,280 square feet. Their price range from $3 million-plus to $7 million-plus.

Nine residences marketed under the name Jardin range from 1,370 square feet to 2,396 square feet and are priced from $1.2 million to $2.2 million.

All four penthouses sold at prices upwards of $8 million.