Shoma Group is pivoting its plans from apartments to condos at a North Bay Village site it acquired earlier this year.
Shoma, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is launching sales of the Shoma Bay condos, with prices starting in the $400,000s, according to a press release. The Coral Gables-based developer tapped Craig Studnicky’s ISG World to lead sales and marketing of the units.
Shoma Bay will be a 19-story mixed-use project with 327 condos on a 2.8-acre property, according to the release.
Shoma paid about $16 million for the site at 1850 79th Street Causeway in May, with plans for a multifamily and retail development anchored by Publix. North Bay Village approved the project in March, with a 36,000-square-foot Publix, a a 6,300-square-foot rooftop lounge and Shoma Bazaar food hall.
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The switch from rentals to condos comes as rent growth is finally slowing in South Florida. Other developers have made similar changes. In July, Property Markets Group and Greybrook changed a new downtown Miami rental tower to a condo tower, now called The Elser Hotel & Residences.
Units at Shoma Bay will start at 324-square-foot studios and go up to 1,435-square-foot three-bedroom condos. That means prices start at about $1,200 per square foot.
Construction is expected to begin next year and the building could be completed in late 2024. MSA Architects is the project architect and Adriana Hoyos is designing the interiors.
Amenities will include a lounge, bar, spa, gym, pool deck, library and kids club. The building will also have a 2,600-square-foot co-working space and charging stations for electric cars.
Sunbeam Television Corp., led by the Ansin family, has been a major player in North Bay Village. The company bought a waterfront assemblage of more than 6 acres next to its WSVN-Channel 7 TV station in three deals last year totaling $56.5 million.