Amid the ongoing luxury market slowdown, Masoud Shojaee is launching sales of Ten30, a condo development near Miami Beach’s Lincoln Road. The relatively lower-priced units replace multimillion-dollar townhouses that were originally planned for the site.
Ten30, at 1030 15th Street, will have 43 condos, including six studios, 29 one-bedroom units and eight two-bedroom units, priced from $498,000 to $950,000. Fortune International Group is handling sales for Shojaee’s Shoma Group.
The units will range from 630 square feet to 1,101 square feet, with a per-square-foot price of $732. Shojaee said he expects a $30 million sellout.
“That location needs a project like this,” Shojaee said. “It’s very reasonably priced and very affordable.”
Ten30 takes the place of the former Eleven on Lenox. Last year, Shojaee scrapped plans for the luxury development, which was to have 11 townhouses priced at about $3 million, each.
“We had some presales but we couldn’t sell because of the market,” Shojaee said. The townhomes did not fare well with New Yorkers, and buyers wanted to negotiate prices. Shojaee was also counting on Venezuelans as buyers, but that market dried up.
“So we erased that project and decided to do something else and [have] smaller units,” he said.
Ten30 will now target local buyers and Latin Americans, particularly from Brazil, Mexico, Colombia and Argentina, where Fortune has a strong presence. Buyers are expected to be end-users or rent out the units.
The four-story building will have a garage, lobby with 24-hour concierge, common areas and private terraces on the first floor; condos on the second and third floors; and a rooftop deck with pool, barbecue area and private terraces on the top floor, said Stephanie Shojaee, Shoma’s chief marketing officer. MSA Architects designed the building, with interior design by Saladino Design Studio.
The condos will be outfitted with Samsung smart appliances, including a Samsung family hub refrigerator, and Latch door knobs that can be controlled by cellphone. Each unit will have at least one parking space. Monthly maintenance fees will be $391 for all units.
The project will break ground in two weeks, and is expected to be completed in November 2020, Shojaee said.
Rather than the usual 50 percent deposit for new development projects, Ten30 is requiring a 35 percent deposit: 10 percent at contract signing, another 10 percent 30 to 45 days later, then 15 percent at top-off. Real estate commissions will be 5 percent, and agents will receive 3 percent as soon as a buyer puts down a 20 percent deposit, he said.
Shojaee previously said the shift from Eleven on Lenox to the lower-priced condos would cost the company $1.2 million, but he expects it to pay off in the end. “It’s worth it,” he said.
Eleven on Lenox, by contrast, was planned as 11 three-story townhomes, each with four bedrooms, a family room, two-car garage and rooftop deck with a pool and summer kitchen. Shojaee said he had tried raising prices on units from $2.9 million to $3.3 million, and from $3.5 million to $4 million. “The problem was they wanted to pay the original prices and we refused to do that,” he said last year.
Shoma Group also expects to complete construction in six months on the Sanctuary, a mixed-use project with 226 apartments, 32,000 square feet of retail at 9400 Northwest 41st Street in Doral. The project, built on 8 acres, will have a food hall and soccer field.