Shoma Group Acquires Site for $220M Miami Development

Ryan Parker via Unsplash.com Shoma Group has paid $34 million for a 2.5-acre site for…

Ryan Parker via Unsplash.com

Shoma Group has paid $34 million for a 2.5-acre site for the development of Shoma One, a 391-unit community in Miami.  Avison Young represented the seller, Deel Volvo. The $220 million project is slated to break ground in January 2023 and is set for completion in less than 24 months.

Shoma One will encompass two 18-story towers with studio, one- and two-bedroom floorplans, varying from 375 to 1,400 square feet. The project also includes seven two-story live-work apartments with separate office and bedroom spaces, ranging from 1,344 to 1,400 square feet. The development will also include a Shoma Bazaar food hall.

Community amenities will include a fitness center with a yoga and spin studio, bowling alley lounge, coworking cafe, spa with sauna and massage rooms, club room, movie theatre swimming pool, outdoor grill area and a dog park. The towers will also comprise a sky lounge, with views of Coconut Grove and Biscayne Bay. MSA Architects is leading the architectural efforts on the project.

Located at 3650 Bird Road, the community will be within a mile of Shops at Merrick Park, offering residents easy access to numerous retail and dining options. Douglas Road Metrorail Station is half a mile away from the property, connecting it to employment hubs and downtown Miami.

Shoma’s Development Pipeline in Miami

Miami led the nation in rent growth, registering a 26.3 percent uptick year-over-year in March, Yardi Matrix data shows. Robust demand for housing seen in the last years is here to stay, according to prepared remarks from Shoma Group’s CEO & Chairman Masoud Shojaee.

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The company has two other developments underway in the Miami metropolitan area. Shoma Bay, a 327-unit waterfront community in North Bay Village, Fla., is set for completion in 2023, and leasing is underway at Shoma Village, another 304-unit project in Hialeah, Fla.