Masoud Shojaee’s Shoma pulls out of Collection Residences

Miami /
Nov.November 10, 2015 02:45 PM

After a major falling out, Masoud Shojaee has pulled out of his joint venture with Ugo Colombo to develop the Collection Residences, a planned mixed-use project with 128 condo units in Coral Gables.

“Ugo Colombo and I will no longer be pursuing a joint venture to develop The Collection Residences,” Shojaee, president and chairman of Shoma Group said in a statement. “… At this point, it was simply a matter of terminating our relationship to co-develop the project.”

Colombo, founder of CMC Group, told The Real Deal that he still plans to build the Coral Gables project  eventually. The land, which his firm owns together with Shojaee’s Shoma Group, is not for sale, he said.

“The project is not dead, because it was never alive,” Colombo told TRD in an interview at an Urban Land Institute conference in Miami on Tuesday.

“We’re putting every effort now in [Brickell] Flatiron, and we’re about to break ground,” he said. Once that project has progressed, he will turn his focus to the Collection Residences, he said.

The Collection Residences recently opened a sales gallery at 209 Altara Avenue in Coral Gables, which was staffed with CMC agents. The sales center is now closed, CMC Group said. The project is planned to be across the street from Colombo’s The Collection auto dealership.

Shojaee declined to comment beyond his statement, in which he said the move “was not a reflection of market conditions, rather an opportunity to take the project in a new direction.”

Coral Gables Luxury Holdings, a company owned and managed by the joint venture partnership of Colombo of CMC Group and Shojaee of Shoma, acquired the Collection Residences’ development site for $27 million in December 2013. The 2.8-acre property includes 4101 Salzedo Street and 4112 Aurora Street. The site currently includes two office buildings, a small amount of warehouse space and parking lots.

Coral Gables Luxury had originally filed development plans with the city to build 270 high-end residences and about 40,000 square feet of ground-floor retail space. Arquitectonica was hired to design the mixed-use development.

The Collection Residences marks the second project this year linked to Colombo that is not moving forward as planned.

In May, Colombo and his partners put an assemblage of parcels at 830 Southeast First Avenue in Miami on the market. The 0.8-acre property, marketed as 830 Brickell, across from the planned Brickell City Centre, includes development rights and plans. Colombo’s CMC Group had acquired the land for an undisclosed amount in July 2013, according to Miami-Dade property records. The property had been purchased out of bankruptcy by Oleg Baibakov, a Russian oligarch. CMC’s partner on the property for sale is Russian developer Vlad Doronin, who is also CMC’s partner on Brickell Flatiron, at 1001 South Miami Avenue. A second Brickell Flatiron tower was originally planned for the site.


Related Articles

arrow_forward_ios
Deerwood Town Center at 12085-2107 Southwest 152nd Street in Miami-Dade County, One Biscayne Tower at 2 South Biscayne Boulevard in Miami and 2990 Ponce office building in Coral Gables with Gildenson Real Estate's Eduardo Gildenson and CP Group’s Angelo Bianco (Google Maps, Gildenson Real Estate, CP Group)
Lease roundup: Quest takes space at One Biscayne Tower & more
Lease roundup: Quest takes space at One Biscayne Tower & more
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
SecureSpace’s Nathan McElmurry with 2811 Coral Way
SecureSpace pays $23M for Coral Way self-storage facility
SecureSpace pays $23M for Coral Way self-storage facility
From left: Hines' Jef­frey Hines and Alfonso Munk; Nolan Reynolds International’s Charles Nolan Jr.; 54 Madison Partners’ CEO Henry Silverman; Nolan Reynolds International’s Brent Reynolds; and the Gables Station at 235 and 237 South Dixie Highway in Coral Gables (Hines, Getty Images, Nolan Reynolds International, Gables Station Miami)
Hines pays $430M for mixed-use Gables Station
Hines pays $430M for mixed-use Gables Station
A photo illustration of Asia Brickell Key (Getty Images, Google Maps/Ed Florez)
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
Nuveen Real Estate's Mike Sales with the Waterford Business District
Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District
Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District
arrow_forward_ios

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

Loading...