Shoma Group is hoping to develop a mixed-use project thanks to a recent purchase of a Coral Gables Condo Building with 47 units for $15.2 million. The condo building, which is a low-rise, was originally built in 1964 and is located at 1515 San Remo Ave. Shoma Group, while they haven’t commented on the purchase, has proposed a new building on this site and the adjacent 1500 Venera Ave. They had previously purchased the site on Venera in 2013 for $5.65 million.
Shoma Group plans to create a $36 million project in the location that will contain residential, as well as retail spaces. They proposed the project last year and have said that it will contain 172 apartments. The size of the apartments will range from 752 square feet all the way up to 1,724 square feet.
In addition to the Coral Gables Condo
it will also contain 33,000 square feet of retail space. They will provide 378 parking spaces, as well as a community kitchen, a fitness center, and a pool on the rooftop. It promises to be a very interesting property that should get quite a bit of attention from those who are looking for a place to live, as well as businesses looking for retail spaces.
This is not the only upgrade that will be coming to this area either. Located nearby the new Coral Gables Condo are the Shops at Sunset Place. These are also being redeveloped by Federal Realty Investment Trust, Comras Company, and Grass River Property. The redevelopment is to feature apartment buildings, as well as more retails space, and even a hotel with 200 rooms.
With the developments coming to the area, it shows there is quite a bit of confidence in the continued growth here. This should be good news for those who have been considering an investment in the area, as well as those who are looking to buy a home. While it is still very early in the development cycle of the latest project from Shoma Group, it is certainly a project to watch. The size variance of the apartments in the building suggests that they could be a good solution for different sized families.
Who Is Shoma Group?
Founded in 1988, they are one of the busiest and most respected real estate development firms operating in the South Florida area. They have created many planned communities and homes over the years and are always on the lookout for new opportunities in the area. Up until 2000, they focused solely on residential units. Now, they also work with commercial and retail properties.
Some of the new projects from Shoma Group include Residences at Park Square, Condos at City Place, Shoma Village, and Oasis Park Square. Past residential projects include Harbour Lakes, Cutler Bay, and Black Diamond, while commercial projects include Park Square Offices and Shoma Plaza.
The project at 1515 San Remo Ave. is just the latest in a string of hits from the company.