Shoma Group Buys North Bay Village Land for $15.78 Million for a Proposed Mixed-Use Project- Shoma Bay

May 14, 2021

Shoma Group, led by CEO Masoud Shojaee has recently purchased a 1.79 acre lot in North Bay Village. The development group purchased the land through two separate deals for a total of $15.78 million.

The lot located at 1850 79th Street Causeway sold for $8.38 million while the lot with a current retail building at 1872 79th Street Causeway sold for $7.4 million. Both properties were purchased with a mortgage through North Bay Finance & Investments.

The plans for the ‘Shoma Bay’ development were presented and approved by the North Bay Village in March 2021. The mixed-use development will house a 19-story tower that will include 333 residential units, 36,068 square foot approved Publix grocery store, 6,315 square feet of retail, and a 666 garage spaces. Ten of the spaces will be dedicated to electric charging vehicles, and the garage will be located on top of the Publix.

The amenities will include a pool, bowling alley, complimentary snack station, wework café, clubroom, and more to be determined.

MSA Architects are the lead designers on this project. MSA have also designed the Waverly at Surfside, Porto Bellagio, and the Marriott Miami Beach.