Masoud Shojaee’s Shoma Group paid $34 million for a Miami auto dealership, with plans to redevelop it into a pair of apartment towers.
Shoma bought the 2.5-acre property at 3650 Bird Road, steps from a Metrorail stop, from an affiliate of Deel Volvo, the dealership currently on the site, records show.
Michael Fay of Avison Young represented the seller.
The developer plans the $220 million Shoma One project with 391 apartments in a pair of 18-story towers, along with a Shoma Bazaar food hall, according to the company’s news release.
The smallest units will be 375-square-foot studios, complete with space-efficient furniture. Units will increase in size to 1,400-square-foot, two-bedroom apartments. In addition, seven two-story apartments, ranging in size from 1,344 square feet to 1,400 square feet, will be live-work units where renters can have their office on a full floor.
The MSA Architects-designed Shoma One will have a rooftop lounge at each tower, as well as a shared eight-story garage with a 2,500-square-foot gym, pool, club room, outdoor grill and projection screens on the rooftop, according to the release.
Other project amenities will include a bowling alley lounge, day care, a yoga and spinning studio spanning 1,161 square feet, a dog park, co-working café, spa with a steam room, bicycle storage and repair area, and a lounge to wait for Ubers and Lyfts.
Construction is expected to start in January of next year and will take up to two years.
Coral Gables-based Shoma has been very active in South Florida. CEO Shojaee founded Shoma in 1988 and leads it with his wife, Stephanie Shojaee, who was promoted to company president in March.
The company completed its four-story, 33-unit Ten30 South Beach condominium at 1030 15th Street near Lincoln Road in Miami Beach in March. and received Fannie Mae approval for buyer financing.
In other multifamily ventures, Shoma paid $15.8 million for the properties at 1850 and 1872 79th Street Causeway in North Bay Village, with plans to build a 19-story project with rentals and retail.
Shoma, in partnership with Jorge Pérez’s Related Group, built out the 52-acre Park Square at Doral with offices, apartments, single-family homes and retail. In December, the duo sold the last developable Park Square parcel for $16 million to Lincoln Property Company National, which plans an apartment project.