A prominent Gulf front property on Perdido Key is poised for a $55 million development.
The same group that is nearing completion on the $60 million Vista Del Mar luxury condo project adjacent to the Gulf Islands National Seashore wants to build a new luxury project of nearly the same cost less than a mile down the coast.
Premier Development Group, based in Destin, Fla., and Dallas-based Meridian Realty Advisors are the team behind the two new luxury condominium projects on the island.
Once complete, the nine-story Vista Del Mar tower will boast unobstructed views of the National Seashore — two reasons why pre-sales for the luxury residences have been so brisk, developers say. The project, expected to be completed by next spring, is already nearly 90-percent sold.
Seeing this pent-up demand, Premier and Meridian are proposing the development of a second major project. The $55-million tower, called The Meridian, will sit on 300 feet of beachfront, just down the beach from Vista Del Mar.
The 15-story tower — wrapped in white stucco and glass and crowned with a roof “inspired by the unique shape of the homes in Bermuda” — is being designed by architectural firm Wilson Associates, whose prior clients include the Armani Hotel in Milan, the Four Seasons in Hawaii, and the Ritz-Carlton in Puerto Rico.
“The Meridian is a whole different animal,” local realtor Peter King said.
King said the affordability of waterfront real estate is a key factor driving growth in the market. Others factors include the lower density of development on Perdido Key, a more family friendly atmosphere, and the ongoing renaissance in downtown Pensacola, just a half-hour to the east. The historic seaport, first settled in 1559 by the Spanish, has enjoyed a gush of new commerce over the last few years, putting an attractive cultural amenity within reach of the island’s more laid back lifestyle.
Each of the 41 four-bedroom residences — which range in size from 3,658 to 5,045 square feet — will boast its own private elevator, spacious outdoor terrace, gourmet kitchen and a 60-foot expanse of floor-to-ceiling windows overlooking the gulf. Shared amenities will include indoor and outdoor pools, a sauna, steam room, poolside cabanas and bungalows, a catering kitchen and gulf-front fitness center.
“The level of luxury these buyers are getting for the price is just unmatched,” King said.
Prices for residences at The Meridian start at $1.1 million. McNeil said preconstruction sales for the property, which opened in early September, were already brisk.
If the strong pre-sale activity continues, McNeil said he expected to break ground by spring of 2017. Construction would take about 18 months to complete.
King said he thought The Meridian represented the future for the key, though he added subsequent development would likely come with a much higher price tag.
“It’s expensive to buy sand these days,” he said, “and prices will only go up from here. The Lost Key has been found.”
“We believe very strongly in Perdido Key’s bright future,” said Michael McNeil, a vice president for Premier.
Learn more at: meridianperdido.com
See renderings of The Meridian: