Shoma Group Acquires $34M Site in Miami for $220M Mixed-Use Development
Miami-based developer Shoma Group has acquired 2.5 acres on Bird Road in Miami, FL for $34 million. The site near Coral Gables will house the $220-million Shoma One mixed-use development, which includes 391-unit apartment community and a Shoma Bazaar food hall.
Michael Fay of Avison Young represented the seller, Deel Volvo.
“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 Masoud Shojaee, Shoma’s CEO and chairman of the board.
Shoma One will comprise two 18-story towers, bowling alley, child daycare, 1,161-square-foot yoga and spinning studio, dog park, co-working café, rideshare lounge and a spa. Each tower will have a rooftop lounge. Atop the eight-story gated parking garage will be a 2,500-square-foot fitness center, a club room and a pool and pavilion. Bicycle-friendly development Shoma One will also have a bike room for storage with a repair station.
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