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
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.

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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.