Mystique, KKR - Gulf Bay Group Announce Mystique
Private equity giant KKR and Florida developer Gulf Bay Group are teaming up to develop a luxury high rise condominium in Pelican Bay, Naples, Florida. The development, renamed Mystique. will have 87 ultra luxurious condominiums with spectacular views of the Gulf of Mexico and concierge services.
Formally know as Cap D'Antibes, Cote D' Azure The original plan was for two high-rise buildings. When Gulf Bay Group proposed one large building in place of two , residents of Pelican Bay protested and the original plan was scrapped. The economy downturn in 2008 put any future plans on hold indefinitely.
Demand for Larger Luxury Conominium Residences in Pelican Bay
Pelican Bay was developed by Westinghouse over thirty years ago. There are 93 communities within this 2014 acre community consisting of high-rise buildings, low rise carriage homes, villas both attached and detached and or course, single family homes. Pelican bay offers private beach access , two upscale beachfront restaurants, fitness, a 27 hole equity golf course, Club Pelican Bay and miles of undeveloped, preserved beachfront unlike no other! Many of the high rise condominiums are very dated and small. A three bedroom condominium in even the most upscale buildings may only be 1600 square feet. Demand for penthouse residences of 5000-10,000 square feet are very scarce in Naples. It is difficult to find condominiums that are not in need of total renovation. Many of my clients are disappointed as their demands are for larger units, newer buildings, more contemporary designs, and amenity rich building concierge services are not being met. Even the gated community within Pelican Bay ,Bay Colony, cannot compete with Mystique for the upscale high end, high net worth investor/buyer. I would say that when Mystique is completed in 2018, it will be the Jewel in the Crown. Even for Naples.