By Florian Martin

A young Austin-based real estate investment firm plans to develop what may be the first condominium community on Bolivar Peninsula.

Island Sky Investments, founded in 2021, purchased 3 acres facing Galveston Bay at the end of North Redfish Street in Crystal Beach to build The Pearl of East Marsh, a gated 32-unit condo community with a resort-style pool, fishing pier and a boardwalk with boat slips.

There will be four two- and three-bedroom units measuring 1,100 and 1,200 square feet in each of the eight three-story buildings. There is also the option to buy an entire floor and turn it into one five-bedroom unit.

In accordance with coastal building codes, the units will be on the third and fourth floor while the first floor will have parking lots and garages for each unit, according to Island Sky Investments CEO Jason Caraway.

The units will range in price from $599,000 to $650,000 and buyers will also be responsible for a homeowners association fee to cover landscaping and maintenance, Caraway said.