Condo Tower Phase I Success Leads to Phase II Launch

MIAMI-After nearly selling out the first phase of Everglades on the Bay, Cabi Developers LLC has launched sales of the second phase, also a 49-story mixed-use condominium tower rising Downtown.Sales of the first phase of the $254-million project started in April. Since then, 98% of the tower’s 342 residences have sold. Therefore, Cabi is selling Phase II earlier than expected. And the developer expects a strong response once again, especially because 95% of the units in the second phase have water views and private balconies.”With a four-month sell out of Phase II, we felt compelled to satiate the demands of buyers looking for downtown living by launching the second phase early,” according to Jacobo Cababie of Cabi Developers. “The unit selection, location and luxury in this tower will undoubtedly produce the same feverish response.” Cababie adds there’s a need for downtown-area residences, and Everglades fills a demand.The second phase, the north tower, will have 341 one-, two- and three-bedroom units, and 70 lofts and flats. The units range from $189,000 to $1.5 million. The architect is Fullerton-Diaz. This tower will have its own entrance and valet, as well as a business center and concierge services. It also will feature an eighth-floor amenities deck, to include three pools, a 15,000-sf health spa and a billiards room, among other things, to be shared by the towers.”Buyers recognize the advantage of living in the center of it all,” Cababie says. He says the project’s location, views, pricing and 24-hour lifestyle led to the success of the first tower. “We are expecting a similar response for the second tower. We’ve had a waiting list for a few months now in anticipation of the second tower, so that signals that this phase will also be well-received.”

The first phase, the south tower, is set to be completed in late 2006, while the second phase is set to be finished in fall 2007. George Mato is the project’s director of sales. Turnberry Associates is the leasing agency for the project’s commercial space.Aventura-based Cabi Developers is the U.S. subsidiary of Mexico-based GICSA. Its other local projects have included Country Club Center, a $15-million project, and the Parc at Turnberry Isle, a $40-million project, both in Aventura.