Shoma pays $16M for North Bay Village site, plans Publix-anchored apartment project

333-unit project will have a rooftop restaurant and food hall

Miami /
May.May 13, 2021 04:30 PM
Shoma Group president Masoud Shojaee and renderings of the project (Shoma Group)

Shoma Group president Masoud Shojaee and renderings of the project (Shoma Group)

North Bay Village is poised to get a 19-story multifamily and retail project anchored by Publix.

Masoud Shojaee’s Shoma Group bought a development site, consisting of a 1.8-acre parking lot at 1850 79th Street Causeway and the next-door retail building at 1872 79th Causeway, for $15.8 million, records show.

Shoma Bay will feature an apartment building with 333 units, an adjacent garage with over 600 spaces, and 43,270 square feet of retail, according to village records. North Bay Village approved the project on March 23.

The 36,068-square-foot Publix will be on the ground floor of the garage. The other retail will be a rooftop restaurant and a Shoma Bazaar food hall, Shoma Group said.

The Atkinson Trust, led by Charles and James Edwards of Baltimore, Maryland, sold the parking lot for $8.4 million. It had acquired the property in 2005 for $900,000, according to a deed.

NBV Corp., led by Norman and Avi Ciment as well as Shaun Grenald, sold the 7,737-square-foot retail building for $7.4 million, after buying the property in 1998 for $582,000, records show. The building’s tenants include Happy’s Stork Lounge and Liquor Store, Sunshine Groceries and Pizza D’Light and Healthy Options.

Shoma Group said it has not had any discussions with existing tenants about leasing space at Shoma Bay.

Construction is to start in February and is expected to be completed in December 2023.

Coral Gables-based Shoma Group also is building the 304-unit workforce housing development Shoma Village, with about 30,000 square feet of retail, also including a food hall, in Hialeah. The developer scored a $67 million construction loan for the project last year.

North Bay Village, which was dredged from Biscayne Bay in the early 1940s, has experienced a busy year for investment sales, although the same buyer made all the purchases.

Sunbeam Television Corp. bought a waterfront assemblage of more than 6 acres next to its WSVN-Channel 7 TV station in three deals totaling $56.5 million.

Sunbeam, led by the Ansin family, most recently bought the former Trio on the Bay restaurant site at 1601 79th Street for $13.5 million. Previously, Sunbeam bought the lots at 1415 Northeast 79th Street for $29 million and 2 acres at 1555 North Bay Causeway for $14 million.





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