Everglades On The Bay - Downtown Miami Condo
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Everglades on the Bay is a mixed-use art-inspired condominium featuring 69,000 square feet of ground-floor retail space at 244 Biscayne Boulevard in Downtown Miami. It will contain 870 residences including flats, lofts, and one, two and three-bedrooms.

The complex features a stunning resort area with multiple pools, lagoon pool and bar and a 15,000 s.f. health spa, complete with sauna and steamroom.

This building is one of several new residential complexes that make up the "new Miami" lifestyle.  Live, shop, eat and have fun...without having to take your car.  Everything is here!

DON'T HESITATE!  Luxury has a place for you, but you must act immediately if you want to be a part of this new lifestyle.  Prices and availability change daily, and the first tower is selling out fast!

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Typical Views - 20th floor

From The Southern Florida Business Journal

Everglades on the Bay, an 870-unit downtown high-rise condominium, will soon replace the Everglades Hotel on Biscayne Boulevard in downtown Miami.

Twin 49-story residential towers and 69,000 square feet of commercial space will combine a central Miami business location with Biscayne Bay views. The Wachovia Center is the tallest downtown building at 55 stories.

The developers say the project will help meet the city's goal of creating an urban habitat with a mixture of residences, shops and nightlife.

"It's a unique and special piece of property that could spark massive pedestrian activity in the area," said project architect Julio Diaz of Coral Gables-based Fullerton Diaz.

There's plenty of competition, though.

Developers have announced plans for more than 6,400 units downtown, not including projects north of the under-construction performing arts center or south of the Miami River.

"It's a major project, but we are not afraid of its size," said Jacobo Cababie, CEO of developer CABI, the U.S. subsidiary of Mexican-based GISCA. "It takes the same amount of time to pull permits, get approvals and so on for 800 units or 200 units. Only the sellout is much bigger."

He estimates sellout between $270 million and $280 million for condominiums, flats and lofts priced from $169,000 to

$1 million-plus, and averaging $300 to $500 a square foot.

Cababie and his brothers, Elias and Abraham, each own a third of the Everglades deal through interlocking corporations, according to public records.

GISCA has been Mexico's largest developer for the last 10 years, according to CABI's public relations firm.

Not everyone sees the project as a slam-dunk.

"I am cautious about it," said Philip Spiegelman, president of Miami-based International Sales Group, a real estate selling company with an international brokerage organization that is not affiliated with the project.

"Many developers from other states and countries have found that they can't do business here as they did elsewhere," he said.

Previous work in Aventura

CABI points out that it is doing four projects: The Parc at Turnberry Isle, Country Club Center in Aventura, and two joint venture deals with Aventura-based Turnberry Associates: Turnberry Village and Turnberry Ocean Colony in Sunny Isles Beach.

"CABI started the Parc at Turnberry Isle by themselves," Spiegelman said. "They found they were not as savvy as they needed to be and I heard they brought in Turnberry. The rest of their residential projects will be joint ventured with Turnberry as well. Now they are on their own with the Everglades project. From what I understand, they have a lot of money, but it takes more than money alone to successfully complete a major project. I remain cautious."

According to a project overview filed with the city, the Everglades marketing thrust is toward the middle market purchaser.

The first tower's groundbreaking is estimated for November or December, depending on presales. Completion is estimated for 2006, with the second tower one to two years later.

Marka-Tech, an independent real estate marketing and sales organization, is selling the Everglades units. Nick Grossi, a former executive with the International Sales Group, heads the 15-month old Aventura-based firm.

Up to 433 direct employees will be hired during the Everglades construction phase, with a permanent staff of 29 after completion for ongoing maintenance and facility operations.

Annual real estate tax revenue is projected at $5.4 million.

The 3.6-acre site was acquired in May for $21 million. It is just opposite Bayfront Park on Biscayne Boulevard, home to the 376-room Everglades Hotel, a 1926 structure that will come down before construction begins.

The Everglades on the Bay will be Fullerton Diaz's largest residential project to date based on the number of units, Diaz said.

Little historical value

"We are fortunate that the hotel has little redeeming or historical features. We looked into that aspect very carefully in our due diligence," he said.

Luck may have played a part in that.

Up until a 1960s modernization removed it, a Giralda tower crowned the hotel. It was a copy of the original tower in the Plaza del Triunfo in Seville, Spain, originally a Mosque minaret that was later converted into a bell tower.

An unusual feature of the planned twin towers is an "invisible" eight-story parking garage with 1,003 residential spaces. The garage exterior is faced with residential flats and lofts to hide the garage interior. An additional 143 spaces are allocated for the commercial portion.

The garage will be topped with an amenities center with a 15,000-square-foot health spa with treatment rooms, sauna, steam room and plunging pool. Outside is a lagoon-style morning pool with a bar overlooking the bay, a lap pool and an afternoon, or quiet, pool.

"The towers are set back and slim, with the lower floors clad in granite and limestone," Garcia said. "The developers wanted a unique and elegant building and they aren't stinting on quality."

E-mail residential real estate writer Ed Duggan at eduggan@bizjournals.com.

CABI Developers' Everglades on the Bay will also be an icon of modern Miami architecture. The two buildings will feature retail components including a bank and high-end supermarket and offer residents waterfront views. Lofts, flats and apartments of one, two and three bedrooms as well as a penthouse unit will sell for $169,000 to over $1 million.

The two towers are connected by a low-rise structure, the roof of which will feature a lagoon-style pool with bar overlooking the bay, a lap pool, afternoon/quiet pool for peaceful retreat and a 15,000-square- foot health spa with treatment rooms, sauna, steam room and plunging pool. And the development's lobbies and amenities will be designed by Romero Britto, a celebrated Pop Artist whose bold work is meant to help attract Miami's artistic circle.

"What we are looking to do here is develop a signature building with high-end finishes rather than the thing of the moment," said Cababie. "We are looking to see this building stand out in downtown Miami for the next 20 years."
 

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Everglades On The Bay - General Information

Brought to you by CABI Development. 

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