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.