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