Jim Wells with Wells Realty Inc. is overseeing Isola Bella for developers Padre Bella Inc., a partnership of Monterrey, Mexico-based Ricardo Martinez and Felipe Benevidas. Wells tells GlobeSt.com that the engineering has been completed and the soil borings are done, but the project will likely be fall about a month behind schedule due to the causeway collapse. Wells says he is taking the downtime to get the paperwork completed on the project. The original plan called for a groundbreaking within 60 days and carries an 18-month construction timeline.
The luxury condominiums will be priced from $495,000 to $595,000, with each of the four penthouses priced at $1 million. The two towers are 17-story designs. The South Padre Economic Development Corp. says Isola Bella is one of the largest and most important projects planned in the immediate future of the Island.
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