Shoma Group is doubling the height of its planned mixed-use apartment development along U.S. 1 and Bird Road in Miami, near Coral Gables.
Called Shoma One, the project is now planned to include 740 rental units in two 40-story towers. The Coral Gables-based firm, led by Masoud and Stephanie Shojaee, last year acquired the 2.5-acre property at 3650 Bird Road from Deel Volvo, the dealership currently on the site. Shoma said at the time that the planned development would have just under 400 units in two 18-story buildings, as well as a Shoma Bazaar food hall.
Shoma paid $34 million for the property, which is contiguous to the Metrorail.
The developer said the expanded project takes advantage of rapid transit zoning. Shoma estimates it will cost more than $250 million to develop, $30 million more than the previous version of the project.
The planned Shoma Bazaar food hall will now be two stories tall and span 18,000 square feet.
Apartments will range from 400-square-foot studios to 1,200-square-foot three-bedroom units and penthouses. The residential component will include indoor and outdoor amenity decks.
The ground floor would include an art gallery, retail space, dog care center, park and co-working space. The project will also connect to the Underline linear park that runs under the Metrorail, which is under construction.
The development also includes 700 parking spaces, with 150 set aside for the food hall. Shoma tapped Bermello Ajamil & Partners to design the project.
Shoma plans to break ground as early as the middle of next year.
A number of mixed-use apartment towers now line U.S. 1 in Miami and Coral Gables, as well as farther west on Bird Road.
Last year, Hines paid $430 million for the LifeTime-branded mixed-use multifamily development called Gables Station at 237 South Dixie Highway, near the Shoma One site. The 1.2 million-square-foot Coral Gables development includes a Trader Joe’s, 495 apartments and the 80,000-square-foot LifeTime athletic club. It was completed in 2021.
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On the south side of U.S.1, Landmark Properties is in contract to buy the property at 1250 South Dixie Highway where it plans The Mark, an eight-story, 396-unit residential complex with about 19,000 square feet of commercial space and live/work units.
Earlier this year, BAM Property Development revealed plans for an eight-story, 120-unit multifamily project at 1715 Southwest 37th Avenue in Miami, also near Coral Gables.