Everglades on the Bay will be on the site of the former 376-room Everglades Hotel at 244 N. Biscayne Blvd. Cabi purchased the 1925 hotel last year from Tropero NV and Premium Investment Properties Inc. for $18 million. Construction is expected to begin at the end of this year, with the first phase, the South Tower, scheduled to be completed in late 2006, and the second phase set to be finished in fall 2007.
Developer Jacobo Cababie tells GlobeSt.com: "There is a necessity to bring new developments to the area, and with Brickell Avenue already virtually sold out, there is still a need for more developments Downtown."
The retail space--to consist of high-end shops, restaurants, salons and services--will be accessible through a ground-floor walkway that will go through the center of the building. The towers also will have a hidden parking garage. The one-, two- and three-bedroom residences will range from 550 sf to 2,100 sf, and will start on the eighth floor. The units are priced from $169,000 to a little more than $1 million.
The amenities deck on the eighth floor will include a lagoon-style morning pool with a bar overlooking Biscayne Bay, a lap pool, an afternoon/quiet pool and a 15,000-sf health spa with treatment rooms, a sauna, a steam room and a plunging pool. Other planned amenities include a juice bar, a tanning deck, a meeting room, a billiards room and valet parking.
Located across from Bayfront Park, at the edge of the city's business center, Everglades on the Bay will feature Biscayne Bay and city views and beach access. Fullerton-Diaz is designing the contemporary-style project.
"This area is emerging as the fastest-growing residential community in Miami-Dade County," according Cababie. He says the project is expected to attract young professionals who want shorter commute times and retirees.
Cabi Developers, based in Aventura, FL, is the US subsidiary of Gicsa, based in Mexico. The 14-year-old developer has become active in South Florida in recent months with such other projects as Country Club Center, a new $15-million project in Aventura, and the Parc at Turnberry Isle residential enclave, a $40-million project also in Aventura that has an expected occupancy date of early 2005.
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