(To read more on the multifamily market, click here.)
PORTSMOUTH, RI-A $177-million, ultra-luxury oceanfront tower is set to rise at Narragansett Bay as part of an exclusive private community with equestrian facilities, in-home spa treatments and marina space for private yachts. The 21-story tower will anchor a 400-acre estate just minutes from Downtown Newport.
Mike Devine, senior vice president of sales and marketing for the King of Prussia, PA-based O'Neill Properties Group, which is overseeing construction of the 80-unit Tower at Carnegie Abbey, tells GlobeSt.com that units in the 220-foot tower were already 40% sold months ago. "We've not felt the pinch [of the region's softening condo market] because of the offering," he says, adding buyers from around the world have placed deposits on tower units.
"It's really a very special place. There's nothing quite like it from Washington, DC to Maine," Devine says. The Tower at Carnegie Abbey is predicted to sell out long before it delivers in fall 2008.
Among the property's biggest draw is the Carnegie Abbey Club, a members-only sporting estate with Scottish links golf, equestrian center, yacht club, tennis courts and European spa. The condos range from $799,000 for a one-bedroom unit up to $7 million for a full-floor penthouse. Boston-based Burt Hill, an international architectural firm, designed the tower.
Preliminary work on the tower base began last summer. O'Neill recently hired Bovis Lend Lease and Alexandra Construction for the vertical work after securing $159 million from Amalgamated Bank and HSBC Bank USA. The New York City-based Bovis is behind some of the most luxurious condominium projects in the country, including Trump International Tower in Chicago and 320-unit Watermark condominium tower in Cambridge. Alexandra has had a long association with O'Neill Properties, serving as construction manager for its $125-million Watertown Arsenal rehabilitation project in Watertown, which was sold to Harvard University for $160 million in 2001.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
