Shoma, Related sell Park Square at Doral dev site for $16M, buyer plans multifamily project
Buyer plans 360 rental units
Shoma Group and Related Group sold the last developable parcel at Park Square at Doral to a buyer that plans to build a multifamily project.
Dallas-based Lincoln Property Company National bought the 3.4-acre property for $16 million, with plans for a roughly 360-unit apartment project, according to a Shoma news release.
Shoma and Related built out the 52-acre, mixed-use Park Square at Doral, creating millions of square feet of real estate that helped Doral advance as a residential and shopping hub.
The last lot, at 3450 Northwest 85th Court, is near the 300,000-square-foot CityPlace Doral retail complex that is part of the larger development.
Shojaee said via email that the sale allows the joint venture to capitalize on the robust South Florida market, adding that the developers received “a very good offer.”
Park Square traces its roots to 2005, when Coral Gables-based Shoma’s president and chair Masoud Shojaee bought the 52-acre property. He completed the Class A, 11-story One Park Square office building with retail in 2010, and sold it for $96.1 million in 2017.
In 2013, Shoma partnered with Jorge Pérez’s Miami-based Related Group on the remainder of the $900 million mixed-use project. Aside from CityPlace, the joint venture built the Oasis Park Square community with 135 single-family houses, and completed and sold several luxury rental communities.
Together with PGIM Real Estate, Related and Shoma sold the 394-unit Manor apartment complex in 2017 for $135 million. The three developers also sold the two-tower, 303-unit The Flats Apartments in 2020 for $100 million.
Lincoln Property, founded in 1965, builds both residential and commercial projects. Lincoln’s Residential Division’s CEO is Tim Byrne.
Among its other South Florida investments, it bought the former home of the Tampa Bay Times in St. Petersburg for $40 million in 2018. The following year, Lincoln joined Eden Multifamily and Cypress Equity Investments as a partner in the development of a 32-story apartment project in downtown Fort Lauderdale.
The regional multifamily market has been prospering amid high demand, which in turn has pushed up rents, prompted investment activity and jumpstarted new construction.
Atlanta-based apartment investor Cortland just bought a south Miami-Dade County complex and an adjacent development site entitled for 192 rental units for a combined $174.3 million.
Among new projects in the pipeline, Century Homebuilders Group plans to redevelop a Coral Gables church building with a 10-story, roughly 200-unit apartment building and a new site for a behavioral therapy school on the property now.