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Business Observer Tuesday, Jul. 18, 2017 3 years ago

Luxury condo tower hits early milestone

Pile drilling has begun at Mystique, a 20-story, high-rise luxury condo tower in Pelican Bay in Naples.

NAPLES — Mystique, a 20-story, high-rise luxury condo tower in Pelican Bay in Naples, recently surpassed a construction milestone: pile drilling.

The project is a partnership between an affiliate of global investment firm Kohlberg Kravis Roberts & Co. and an affiliate of the Gulf Bay Group of Companies, under the entity Pelican 1 Owner LLC. “The drilling of the piles marks a significant milestone for Mystique,” says Gulf Bay President Aubrey Ferrao in a statement. “All of our efforts to date have led to this moment, and we are excited to share the news that construction at Mystique is officially underway.”

The piles, each measuring 14 inches in diameter and approximately 70 feet long, will serve as a vertical structural element of the foundation system that will support the building, the release adds. Miami-based Coastal Construction, general contractor for Mystique, is working with HJ Foundation, a Miami-based deep-foundation contractor specializing in augured cast-in-place piling.

Mystique will have 68 estate residences and four penthouse residences, among other units. Estate residences are 4,003 to 5,280 square feet and are priced from over $3 million to over $7 million. The four penthouse residences, which were priced from $8 million, have been sold.

A groundbreaking was held for Mystique last month.

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