Ultra-Luxury Oceanfront Condo Tower in the Works

NEWPORT, RI-An ultra-luxury oceanfront condominium tower valued at $180 million will break ground this year on Narragansett Bay here as part of the exclusive private club Carnegie Abbey. The developer is King of Prussia, PA-based O’Neill Properties Group, the largest converter of surplus industrial properties to residential, office and retail use in the Northeast.

Company founder and chairman Brian O’Neill tells GlobeSt.com he tied up the 15-acre property six months ago after discovering it while golfing at the club and recently closed on the acquisition. The seller was Peter deSavory, owner of Carnegie Abbey, known by the world’s elite for its private golf, boating, spa and equestrian facilities.

The skeleton for the project will be an existing, 220-ft-tall former wire-stretching facility on land tucked between the club’s golf course and the bay. Plans call for the concrete and steel structure to be divided into 16-stories, covered in limestone pre cast and native Rhode Island fieldstone, and built out with 59 ultra-luxury units averaging about 2,000 sf apiece and featuring 14-ft floor-to-ceiling windows. A circle of 21 three- and four-bedroom Nantucket-style cottages will surround the tower, as will a natural pond. Prices will range from $750,000 for a home site to more than $10 million for the condo tower’s 16th floor penthouse suite.