Cabi Developers file for fourth bankruptcy

From left: Cabi Developers principals Abraham Cababie and Elias Cababie and 301 Arthur Godfrey Road
A fourth real estate venture affiliated with Cabi Developers has filed for bankruptcy, the South Florida Business Journal reported.

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The latest bid for Chapter 11 protection was filed by Cabi 301, whose main asset is the office tower at 301 Arthur Godfrey Road in Miami Beach.

Abraham Cababie and Elias Cababie, principals of Cabi Developers, also filed for bankruptcy protection on development sites on the south side of New River in Fort Lauderdale and for the proposed twin condominium project called Capital on Brickell in December 2010. In August 2009, the developers filed for Chapter 11 on their biggest project, the two-tower 49-story Everglades on the Bay condominium in downtown Miami that was eventually surrendered to lender Bank of America. [SFBJ]

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