Miami Developer Buys 2.5-Acre Site Near Coral Gables for $34 Million

While South Florida faces a supply problem as its population continues to increase, Miami-based developer Shoma Group aims to alleviate the problem by developing multifamily properties that offer housing options in live-work-play communities.

Shoma bought a 2.5-acre site near Coral Gables for $34 million with the intent to build a 391-unit apartment complex and food hall. 

The site at 3650 Bird Road is currently home to car dealership Deel Volvo. The seller was represented by Michael Fay of Avison Young in the transaction. Shoma Group plans to turn the site into Shome One, a mixed-use project that will have two 18-story towers. 

With the country short more than four million homes and with surging mortgage rates and home prices, more people are choosing to rent instead of buying. That’s according to Redfin’s Rental Market Tracker.

According to the report, the median monthly asking rent in March increased nationally by 17% year over year to a record high of $1,940.

Masoud Shojaee, Shoma’s CEO and chairman of the board, said rental projects are critical in helping solve Miami’s historic supply shock.

“Miami is more popular than ever and the robust demand for housing that we’ve seen over the last couple of years is here to stay,” said Shojaee.

Shoajee said the Shoma One’s location will be the perfect place for the bicycle-friendly development, which is also near the Metrorail and the Underline. 

“This location is ideally positioned between Coral Gables and Coconut Grove, with the bustling entertainment and dining scenes of Miracle Mile and CocoWalk just a short drive or bike ride away,” Shoajee said. “We are very happy to bring this live-work-play mixed-use project with upscale apartments and fantastic amenities, including a Shoma Bazaar, to this thriving area.”

Amenities of Shoma One include daycare, a co-working cafe, dog park, 1,161-square-foot yoga and spinning studio, bowling alley lounge, rideshare lounge for awaiting rides, 2,500-square-foot sky lounge, and an eight-story parking garage. Other amenities include a pool, club room and sauna, spa and steam room. 

Apartments range from 375-square-foot micro studios to 1,400-square-foot two-bedroom units. 

Shoma One is expected to break ground in January 2023 and is set to be complete in 18 to 24 months. The project is expected to cost $220 million to build.

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