The sale price of the hotel and surrounding area was $18 million. The sellers were Tropero NV and Premium Investment Properties Inc., controlled by a Spanish family.
The hotel, built in 1925, is located Downtown at 244 N. Biscayne Blvd.
"At this point, our plan is to demolish the hotel at the site and to build a commercial building that will incorporate two high-rise towers," Torres says.
The first three or four floors of one building is planned to be parking and commercial space, he says.
The 17-story Everglades Hotel is "functionally obsolete," and while it has been in operation, "it will be closed fairly quickly by the new owners," Jim Rogers, a broker involved in the sale, tells GlobeSt.com.
The new project will be one of several to help turn Miami into a 24-hour city, Rogers says.
"What the new owners have planned for the site will be a tremendous benefit to the city of Miami because one of the greatest needs of the city of Miami is downtown living, for people to live downtown so we have a 24-hour city, as opposed to a city that shuts down at the end of the work day."
"The project planned on this 2.8-acre site by Cabi Developers will be an exciting addition to the many projects emerging downtown Miami," Rogers said in a statement. "The growth northward along Biscayne Boulevard and the additional projects that will attract more people to live in our downtown area is precisely what our city needs."
Rogers, regional director of the CB Richard Ellis Hotel & Leisure Advisory Group based in Miami, represented the seller, a Spanish Company. Robert Lloveras, formerly with CB Richard Ellis, worked with Rogers.
Mark Singer of Madison Advisors represented CABI Developers, based in Aventura. CABI is the U.S. subsidiary of GICSA, based in Mexico. The 14-year-old, major developer has become very active in South Florida recently.
Among the firm's other South Florida developments: Country Club Center, a $15 million project set to be completed in late 2003, and The Parc at Turnberry Isle residential enclave, a $40 million project with occupancy anticipated by early 2005. Both are in Aventura.
GICSA's developments in Mexico include Maralago Acapulco; Esmeralda III, Punta Santa Fe, Residencial Lomas II and Torre Picasso in Mexico City; Cancun's Forum By the Sea, La Isla and Maralago Cancun; and Puerta del Sol in Cabo San Lucas.
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