What's coming in residential real estate - In the Pipeline

South Florida CEO, Feb, 2004 by Barbara Perkins

THE NAME LIVES ON

In its heyday, the landmark Everglades Hotel in downtown Miami was considered all the rage. Located across Biscayne Boulevard from Bayfront Park, the hotel offered spectacular views of the city skyline and of the bay. The years, however, have not been so kind to the old hotel, which sputtered along through numerous owners and renovations. Still, while the building itself--built in 1926--has become something of an eyesore, the property's location continues to intrigue. Last spring the Everglades was once again sold--to Cabi Developers, LLC, the US division of Gixsa, one of Mexico's leading real estate companies. Developer Jacobo Cababi (one of the three brothers who own Gixsa) plans to erect a contemporary mixed-use condominium project on the site. In a nod to the past, the property will be called Everglades on the Bay.

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"We like Miami a lot," says Cababi. "There is opportunity for us in the development that is our expertise." Building on Cababi's experience in both residential and retail development, the new condominium will feature 866 residences in two 49-story towers, and 69,000 square feet of groundfloor retail space. Pricing for the units, which range in size from one-room, 550-square-foot "flats" to 2,100-square-foot homes, will start at $169,000 and run to just over $1 million, The one-, two- and three-bedroom units will start on the 8th floor to maximize views of Biscayne Bay. Planned amenities include lagoon-style and lap-style pools on the 8th floor deck, a 15,000-square-foot health spa, meeting rooms, a billiard room and covered parking. A temporary on-site sales center has opened on the 17th floor of the old hotel; the project is slated for completion in 2006.

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When plans for Las Olas River House were put on the drawing board a few years back, some shook their heads in wonder. What the heck was developer Richard Zipes thinking, building high rise condominiums in downtown Fort Laud erdale? Now that 80 percent of the residences have sold, no one will be surprised to learn that Zipes and Tarragon South Development Corp. have just broken ground on an additional tower for the complex. The new 25-story building, tagged 100 East Las Olas, will stand apart but be connected to the other towers via a sixth-floor terrace. The first two floors of the new building are set aside for boutique offices, a day spa and retail; Morton's steak house has already signed on. With prices ranging from the $600,000s to over $900,000, the 44 residences of 100 East Las Olas will average 1,640 square feet. Amenities include a heated infinity-edge swimming pool, a putting green, 24-hour concierge service, valet parking and state of the art security systems. The condos are being offered in ready-to-move-in condition with a fully-furnished option. "It's a major headache to close, then get workers to come in and finish things up. We're getting that done it makes it all much more palatable," say Zipes. The sales center, located in the Sun-Sentinel office building on Las Olas, is scheduled to open later this month: delivery is on track for 2006.

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26[degrees] North

80[degrees] West

Ahoy boaters! These coordinates will take you directly to Palm Beach County's latest development in marina condos. The site of the new 351-unit Marina Grande is on Blue Heron Boulevard in Riviera Beach, immediately adjacent to Singer Island. The residential community's on-site marina, with in-and-out dry storage provides easy ocean access for boaters via the lake Worth Inlet. A joint venture between Boca Developers and Swerdlow Group, the five-building complex will include residences ranging in size from 1,560 to 2,230 square feet. Planned facilities include tennis courts, a club-house with fitness center, and a radio communications/chart room for boat owners. Prices on the two- and three-bedroom homes start in the low $300,000s. All units will be offered with finished interiors, including carpeting, open concept kitchens, floor-to-ceiling sliding glass doors, and terraces overlooking the Intracoastal Sales at Marina Grande begin this month. Now shove off!

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