Sales Officially Launch for 21-Story Tower Shoma Bay Condos in North Bay Village

At a North Bay Village property it purchased earlier this year, Shoma Group is changing its plans from apartments to residential condos.

Shoma Group, led by Chairman Masoud Shojaee and President Stephanie Shojaee, is beginning sales of the Shoma Bay condos, with prices beginning in the $400,000s. ISG World, led by Craig Studnicky, was chosen by the Coral Gables-based developer to handle the units' sales and marketing.

Shoma Bay will be a mixed-use development with 21 stories and 327 residences on a 2.8-acre plot of land.

In May, Shoma paid nearly $16 million for the property at 1850 79th Street Causeway with plans for a Publix-anchored residential and retail complex. The project, which includes a 36,000-square-foot Publix and around 6,300 square feet of retail space, including a rooftop lounge and a food hall called Shoma Bazaar, was approved by North Bay Village in March.

Condos are replacing rentals as South Florida's rent growth finally starts to slow down. Similar adjustments have been made by other developers. A new rental skyscraper in downtown Miami was converted to a condo tower in July by Property Markets Group and Greybrook, and is currently known as The Elser Hotel & Residences.

The Shoma Bay will have apartments ranging in size from 360 square foot studios to roughly 1,500 square foot three bedroom condos. According to a spokeswoman, the average cost per square foot for all units is around $900.

Building completion could happen in the latter half of 2024, with construction set to start early next year. The interiors are being designed by Adriana Hoyos, with MSA Architects serving as the project architect.

There will include a lounge, bar, spa, gym, pool deck, library, and kids' club among the amenities. A 2,600-square-foot co-working area and electric vehicle charging stations will also be included in the structure.

If you or someone you know have an interest in purchasing at Shoma Bay Condos, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.