Construction, sales for Gables townhomes on track

Prices start at $1.3M

TRD MIAMI /
May.May 29, 2015 04:30 PM

One of the City Beautiful’s newest townhouse projects has broken ground and is selling out quickly, according to the developer.

The Santander townhomes, at 625 Santander Avenue in Coral Gables, is a 10-unit development by the Shoma Group.

Each of its residences is 3,200 square feet and has three bedrooms and three-and-a-half bathrooms. The interiors are customizable, but the standard finishes include kitchens with Italian cabinetry and quartz countertops, plus bathrooms with stand-alone Roman bathtubs and his-and-her vanities. The units, which start at $1.345 million, also come with two-car garages and individual courtyards with outdoor kitchens.

Masoud Shojaee, president and chairman of Shoma Group, told The Real Deal that the project is already 60-percent sold, and he expects the remaining units will sell within the next two months.

Coral Gables is a great location for new construction, Shojaee told TRD, because the neighborhood doesn’t have much new residential construction underway.

Santander is replacing a low-rise residential structure that was built in 1948. A Shoma affiliate picked up the site in 2012 for $2.5 million, and development on Shojaee’s townhomes began soon after.

“This market, Coral Gables, has been sleeping for a while,” he said. “[There is] tons of money going into renovations for Miracle Mile; a lot of restaurants are headed to the Gables.”

Shoma is working on a bevvy of other projects around Miami-Dade County, including another residential project in the Gables dubbed Collection Residences, a high-end apartment development, for which hard details have not yet been released.

Recently, the development group has completed the Anastasia townhome complex in the Gables and the gated Las Ramblas community near Sweetwater, among others.


Related Articles

arrow_forward_ios
340 Leucadendra Drive and Mocca's Alex Pirez (inset)

Mocca Construction pays $12M for half-built Gables Estates spec mansion

Mocca Construction pays $12M for half-built Gables Estates spec mansion
90 Leucadendra Drive with Lee Scott Millstein and Sylvie Millstein (David Hernandez - REWS, Getty)

Private equity exec, fashion designer pay $22M for Gables Estates mansion

Private equity exec, fashion designer pay $22M for Gables Estates mansion
From left: Brian Kingston, Irving Padron and Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park

Brookfield sues to evict Irving Padron’s Submarket Realty from Merrick Park
Samark Jose Lopez Bello, 325 Leucadendra Drive (Credit: Google Maps)

Seized home of alleged frontman for drug launderer sells for $12M

Seized home of alleged frontman for drug launderer sells for $12M
Frank Del Rio and 272 Marinero Court (LPG Lifestyle Production Group)

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M

Norwegian Cruise Line CEO sells Cocoplum mansion for $7M
From left: Magnus Jennemyr, Timo Khammash, and Irving Padron

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove

Engel & Völkers cuts ties with managing broker, expands to Coconut Grove
Renderings of the projects and Greg West

ZOM buys land in Coral Gables, West Palm for senior living projects

ZOM buys land in Coral Gables, West Palm for senior living projects
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...