The Real Deal Miami

Shoma seeks approvals for Coral Gables mixed-use redevelopment near UM

Project would have a handful of "work-live" apartments on ground floor

September 19, 2016 12:00PM

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Rendering of the project and Masoud Shojaee

Rendering of the project and Masoud Shojaee

Masoud Shojaee’s Shoma Group is reportedly looking to nab city approvals for a $36 million mixed-use redevelopment near the University of Miami in Coral Gables.

The application covers redevelopment plans for the properties at 1500 Venera Avenue and 1515 San Remo Avenue, which house a low-rise rental and condo complex, respectively.

According to the South Florida Business Journal, Shoma wants to raze both parcels and build a mid-rise commercial building with 172 apartments, 33,000 square feet of retail space and 378 parking spaces. Its amenity package includes a community kitchen, fitness center and a rooftop pool.

The apartments would range in size from 752 square feet to 1,724 square feet and would be located on the upper floors, while a handful of two-story residences would occupy a portion of the ground floor.

Shoma already owns the mid-century apartments at 1500 Venera Avenue after purchasing them for $5.65 million in 2013, according to the South Florida Business Journal, and is in contract to buy out the owners of the 47-unit condominium.

The application is set to go before Coral Gables’ Development Review Commitee on September 30. [South Florida Business Journal]Sean Stewart-Muniz