Cabi Developers to Transform 1925 Hotel Into Mixed-Use

MIAMI-Cabi Developers plans to build two 49-story mixed-use towers Downtown. The $254-million project, Everglades on the Bay, will feature 866 total residential units as well as 69,000 sf of ground-floor retail space.

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.”