BILOXI, MS-Presidian Cos. Ltd. is getting ready to market the 120-unit Gulf Shore Tower at the $200-million Ocean Club Biloxi in the fall. Construction of the second condo tower will begin after presales hit the 50% mark.
The 18-acre Ocean Club Biloxi is laid out with three condo buildings plus a potential retail component. Gulf Shore Tower will be a twin to the just-completed Baymont Tower at 2060 Beach Blvd., which is 75% sold.
The 15-story Baymont cost $52 million to build. Drake Leddy, president of the San Antonio-based Presidian, predicts that Ocean Club Biloxi will come close to $200 million in development costs when all is said and done.
"There were some other lots created in the master declaration for the condo development. We'll have three towers and some land," Leddy explains. "We're just not sure what to do with the land."
Leddy tells GlobeSt.com that some options include development of one or two freestanding restaurants on the extra land or even a gaming facility. "We could have a hotel on that site," he adds. "And we're currently in the planning process of putting a water park on the site. One of the neat things of how we put this together is that we have flexibility of how we move forward from here."
Ocean Club Biloxi is Presidian's first development in the Mississippi city. Leddy says Michael Mayer with Morgan Niko Inc. in Los Angeles got him interested in the area and has a small interest in the Ocean Club project. "I'm not a gambler myself, but I think it's great entertainment for a large segment of the market," Leddy explains. "I believe the way Biloxi is growing it could be the number two gaming destination in the US."
Leddy says the ideal market for the high-end condos is second-home buyers who live within an eight-hour drive of Biloxi. Presidian is marketing the condos for an average of $400 per sf. Units range from 1,138 sf to 1,662 sf. Harry Baker-Smith of New Orleans is the project architect while Roy Anderson Corp. of Gulfport is the general contractor.
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