Apartment Rentals & Sales Miami FL

While just yesterday I was notified that the mostly vacant Everglades on the Bay Condo was FHA approved today an article in the Miami Herald confirms the rumor I had heard several weeks ago regarding the financial difficulties that Cabi Developers & the Everglades on the Bay project were having and that bankruptcy was imminent.  I believe this is just the first of many large developments that will be hit with bankruptcy filings - all of the buildings that have “closed” in the last 1-2 years are in serious danger, and that is staggering number.

Everglades on the Bay developer files for bankruptcy - Miami Herald article link

Here is what my mortgage contact gave me today:

BRICKELL

Avenue on Brickell (1050/1060 Brickell Ave)

500 Brickell

Brickell on the River South Tower

Icon Brickell Tower 1

Infinity

The Ivy

DOWNTOWN

50 Biscayne

900 Biscayne

Everglades on the Bay

Marina Blue - some units

Met 1

PERFORMING ARTS 

Quantum on the Bay

NORTH BAY VILLAGE

360 Condo

The Everglades on the Bay Condominium is now officially OPEN!  From the stunning pool deck nearly half a city block large replete with FOUR pools, THREE story Health Club, and outdoor Biscayne Bayside bar to the twin lobbies with Dale Chihuly glass and Britto artwork Everglades on the Bay screams modern class.

Here is a photo I took of The Loft Downtown 2 from the Everglades on the Bay’s amenities deck yesterday, I think it looks pretty awesome! 

The Everglades on the Bay condo is nearly done!  The pool deck looks complete with great landscaping and pools, plus the large fitness center looks outstanding.  All the external painting looks to be done and here is where I’m left a bit puzzled - who designed the color scheme of this building???  Sadly I do not find it very attractive with white, pale green, tan, red, and brown.  While taking a walk around the block I was pleased to see all new sidewalks with brick inlays and planted trees giving a nice residential touch to our neighborhood.  I looked in both of the lobbies which look wonderful in warm woods and have what I am fairly certain are Chihuly chanderliers. From appearances I expected closing to begin in the next 2-6 weeks but I was contacted by a pre-construction owner who said the developer contacted him and it has been delayed until late winter/early spring - almost certainly 2009.  I’m curious as to the delay, it may just be the massive amount of work to build out the many units.

So NE 3rd St. has been closed since yesterday, wonder why? Everglades on the Bay is pulling down their last crane! Great news if you are an owner there, progress is moving along steadily. You can just see on the right edge of the photo that the planting on the amenities deck is under way, not able to be seen is the tiling work being done as well. The deck should be done in the next month to two months guesstimating based on prior progress. Additionally painting of the exterior and stone slabs (not sure if it is travertine?) framing the lower levels is also underway.

Here is a very recent photo I took looking down onto the Everglades on the Bay amenities deck. Progress has been very steady on this building over the last few years and is entering the final few phases now. From what I can see they are drywalling the interior, finishing the exterior railings and paint, and completing the deck. My guess is they are still a solid year out, however I did receive a call earlier this week from an owner and the developer is telling him September of this year. We’ll see!