by TRD Staff

The Bolivar Peninsula could get its first condominium community soon.

Austin-based Island Sky Investments bought 3 acres in Crystal Beach to build a 32-unit gated community overlooking Galveston Bay, the Houston Business Journal reported. Dubbed the Pearl of East Marsh, the approximately $15 million development totals about $468,750 per unit. The project will replace an RV park at 1228 North Redfish Street.

Island Sky acquired the land in November, and it was valued last year at $1.39 million, according to the Galveston County Appraisal District.

Plans call for eight three-story buildings, each with four two- and three-bedroom units. Buyers could also take an entire floor to create five-bedroom units. The condos, which will range from 1,100 to 1,200 square feet, will be located on the second and third floors, with ground-level parking lots and garages.

A resort-style swimming pool, fishing pier and boardwalk equipped with boat slips are also planned.

South Customs Design is serving as general contractor, and Marcus Rives Designs is handling the unit designs. The project is expected to be completed by the end of the year.