Shoma Group’s Eleven on Lenox, a boutique townhouse project near Lincoln Road in Miami Beach, is launching its sales gallery amid the ongoing market slowdown.
Designed by Zyscovich Architects with interiors by Charles Allem, the project at 1030 15th Street will consist of 11 three-story units, each with four bedrooms, a family room, two-car garage and rooftop deck with a pool and summer kitchen. Featuring a color scheme of pale and sandy colors and floors of French plank wood and Italian tile and stone, each townhome is designed to feel like a beach house, said Masoud Shojaee, president and chairman of Shoma.
The new 3,500-square-foot gallery showcases the townhouses, with all the finishes and furnishings, as well as a full kitchen and master bathroom with a $35,000 shower head system. The kitchen is outfitted with Gaggenau appliances — including a $75,000 four-unit oven, convection oven, coffee maker and microwave that can be accessed via wifi, a 99-bottle wine cooler, Scavolini cabinetry and stone finishes and fixtures by Dornbracht.
Shojaee said he likes the design of the townhouses so much, he figured “I have to have it for myself,” and is buying one. He acknowledged the market slowdown, but said the units are not geared to investors — rather, to end-users. He declined to disclose presales to date, but said there are more than two.
After initially launching sales in April 2016, Eleven on Lenox switched brokerages in November from One Sotheby’s to Douglas Elliman. Shojaee said the project is targeting both domestic and international buyers, including those from Venezuela, Brazil, Mexico and Peru.
Prices average about $700 a foot, with interior units of 4,403 square feet for $2.99 million, and two corner units of about 4,669 square feet for $3.9 million and $4 million. Rooftop terraces range from 772 square feet to 1,146 square feet. Units can come unfurnished, partially furnished or fully furnished, Shojaee said.
In each townhouse, the ground floor will have a foyer, guest bedroom with a wet bar and bathroom and garage; the second floor will have three bedrooms, including a master suite that is few steps up, three bathrooms and a family room; and the third floor will have a kitchen, dining room, great room, bathroom and outdoor terrace with a pool. Other features include a glass enclosed interior elevator, a skylight and two outside spaces in addition to the garage. Amenities will include one year free at a beach club in Miami Beach.
Shojaee said he is financing the project with equity, and plans to start construction in the first quarter of 2018. Property records show Shoma bought the 32,000-square-foot site in May 2015 from AT&T for $6 million.
Nearby, Lincoln Road is set to receive a facelift that will include enlarging sidewalks and planting trees along the pedestrian promenade and enhancing the adjoining streets — all part of the Lincoln Road Master Plan designed by James Corner Field Operations.