Shoma Group buys Coral Gables condo building for $15.2M, plans mixed-use project

Shoma to redevelop site into $36M residential and retail project

TRD MIAMI /
Apr.April 24, 2017 05:15 PM

Rendering of the project and Masoud Shojaee

Shoma Group just completed the $15.2 million bulk purchase of a 47-unit condo building in Coral Gables where it plans to develop a mixed-use project. 

1515 San Remo Avenue

Edgewater Capital Investments, a Coral Gables-based real estate investment firm, provided an $11 million, 18-month loan for the purchase of 1515 San Remo Avenue, according to Holland & Knight. Attorneys Vivian de las Cuevas-Diaz and Jorge Escobar represented Edgewater Capital in the deal, which closed on April 18.

Shoma Group declined to comment. Holland & Knight and Edgewater Capital could not immediately be reached for comment. The South Florida Business Journal reported the bulk sale price as $15.2 million, plus legal and broker fees. Property records show the low-rise condo building was built in 1964.

Shoma, led by Masoud Shojaee, has proposed building a $36 million residential and retail project on the adjacent properties at 1500 Venera Avenue and 1515 San Remo Avenue. The developer purchased the Venera Avenue building for $5.65 million in 2013.

As proposed last year, the development would have 172 apartments, 33,000 square feet of retail space, 378 parking spaces, a community kitchen, fitness center and a rooftop pool. Apartments would range from 752 square feet to 1,724 square feet.

The properties are near the Shops at Sunset Place, which Federal Realty Investment Trust, Comras Company and Grass River Property plan to be redevelop to include apartment buildings, new retail and a 200-room hotel.


Related Articles

arrow_forward_ios
Henry Torres and Merrick Manor

Merrick Manor hires Berkshire EWM to take over sales

From left: Phil Gutman, Camilo Lopez and Herve Barbera, with Ofizzina

Bar Invest Group buys office condos in Coral Gables, plans new HQ

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar sells The Mile apartments for $40M

6855 Sunrise Drive (Credit: Google Maps)

Financier drops $13M for waterfront Coral Gables estate

Liz Hogan and 21 Casuarina Concourse

The biggest piece of land in Gables Estates just hit the market for $50M

A rendering of CocoWalk (Credit: iStock)

Sweetgreen expanding to Florida with first locations in Miami

5400 Hammock Drive and Timbaland (Credit: Getty Images)

Timbaland drops $8M on Coral Gables mansion

arrow_forward_ios
Loading...