Subscribe to Get Latest Updates Enter your email address to subscribe to this blog and receive notifications of new posts by email. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. How The Shoma Group and its CEO Masoud Shojaee Built One Of Miami's Today it is one of South Florida's preeminent residential builders. The platform is led by former investment bankers with an average of 25 years of experience. Just a decade after arriving in the United States as an exile, Masoud Shojaee had turned his life around. Your article was successfully shared with the contacts you provided. There are no other apartments within close proximity, the spokesperson said. 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. Colombo has been content to follow the agreed-upon procedures for distributing certain cash proceeds of the company, and Shomas attempt to race ahead to that cash through litigation was rejected in its entirety, Burstyn said. By . "The key is understanding the different market sectors . The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Biography Of Stephanie Shojaee - Age , Net Worth and Children Shoma is under contract to buy the property at 3650 Bird Road, which is home to Deel Volvo, he said. The smallest units will be 375-square-foot studios, complete with space-efficient furniture. About Us - SHOMA Group Shoma was attracted to the site because of its proximity to the Metrorail and the Underline, a linear park that runs underneath the Metrorail tracks. Completed projects include the prestigious City Place Doral, The Flats, Park Square, One Park Square at Doral, Doral View, and The Manor. Mainly an attacking midfielder, he can also play as a winger or forward . Other developers have made similar changes. A Miami-Dade County Circuit Court judge overturned a $10 million jury verdict that Shoma Group CEO Masoud Shojaee's company won against a company led by condo developer Ugo Colombo of CMC Group . Theres the Adler Group and 13th Floor Investments the Link at Douglas, a mixed-use project with 312 apartments in the first phase; and Gables Station and Paseo de la Riviera, two Coral Gables projects being developed by NP International, which just rebranded to Nolan Reynolds International. Powered by, Avison Young bolsters owner and occupier capabilities, The Feil Organization Unveils Capital Improvement Plans, Preleasing begins at Ashlar Park in Quincy,First, Royal Palm Companies and ILPDeveloper Celebrate Topping, New 34-Million Dollar Luxury Rental Community Planned, Ariel Property Advisors arranges sale of multifamily, Electric charging company opens supercharging station, relocates, Kamber Management Company announces increased leasing momentum, Hoffman-Madison Waterfront Reveals Name and Design of The Wharfs Final Apartment Building, The Tides, Turner Multifamily Impact Fund I Wins First-Ever PREA Social Impact ESG Award, Avison Young bolsters owner and occupier capabilities across Philadelphia region. Pino and Hessam worked alongsideGeoff Smithand Kimberly Schmitzof Walker & Dunlop Commercial Property Funding, the company's specialty finance first mortgage and mezzanine lending platform. Just an all-around great location.. Join Daily Business Review now! Masoud Shojaee (born 3 August 1959 Tehran, Iran) is an American philanthropist, entrepreneur, CEO and Chairman of the Board of Shoma Group which is a real estate development company based in Miami specializing in residential and commercial projects. To view this content, please continue to their sites. MSA Architects is the project architect and Adriana Hoyos is designing the interiors. Walker & Dunlop's 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction. Shojaee said his project stands out from existing rental projects nearby because Shoma builds rentals with features and finishes more commonly found in condos. There is redevelopment potential, including the opportunity for the buyer to transform the property into additional townhomes and condominiums, Toledo said. A number of developers are building along the Metrorail, which runs from Brickell to Dadeland. A company led by Shoma Group CEO Masoud Shojaee won a $10 million jury verdict on Oct. 29 against a company owned by condo developer Ugo Colombo of CMC Group. Sanctuary Doral, located in one of Miami's most desirable submarkets, offers a mix of one-, two-, and three-bedroom apartments within two, six-story mid-rise buildings. Masoud Shojaei 33 languages Read Edit View history Tools Masoud Soleimani Shojaei ( Persian: ; born 9 June 1984) is an Iranian professional footballer who plays for Havadar. Shoma's Stephanie Shojaee and Masoud Shojaee (Shoma Group, United States Court of Appeals for the Eleventh Circuit, Getty) Feb 21, 2023, 5:45 PM. Who is Masoud Shojaee? Age, First Wife, Daughters, Wife, Net worth We look forward to continuing our forward momentum on this development and collaborating on other projects in the future.". More details about Masoud Shojaee will be shared soon. 920 Sevilla Developers, a foreign company registered in Delaware, sold the properties.. Masoud Shojaee Age: 62 Birthplace: Tehran, Iran Residence: Miami Current position: Chairman and CEO, Shoma Group Education: B.S.E.E. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Connecticut private island sells for $3.5M, Brookfields Gas Company Tower goes into receivership. Unlimited access to Daily Business Review, Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications. In other multifamily ventures, Shoma paid $15.8 million for the properties at 1850 and 1872 79th Street Causeway in North Bay Village, with plans to build a 19-story project with rentals and retail. The projects courtyard and plaza spaces will link to the Underline. Masoud Shojaee Net Worth 2023: What valuable favors did he give to his Monthly rents so far have averaged from $2,210 to $3,660 for one-year leases, although they have been slightly higher for seven-month leases, reaching $2,410 to $3,860 per month. Masoud Shojaee is a famed Iranian American businessman and served as the CEO of the Shoma Group. Colombos The Collection luxury dealership, which is headquartered across the street from the development site, had grown and needed the extra garage space, according to Shoma Coral Gables suit. The group is a real estate development company which is based. Not a Bloomberg Law Subscriber?Subscribe Now. She earned a bachelors degree in marketing from Florida State University. 2018 - Hagedorn Publishing. While the jury determined that the CMC Group affiliate was liable for $10 million in damages, Colombo was not personally on the hook for the monetary judgment, even though jurors concluded he had breached the joint ventures agreement, according to the jury verdict. Rents are increasing at unprecedented rates, with the region reporting a roughly 8 percent increase over the past year, while some submarkets are seeing rent hikes of as much as 24 percent. "We believe in Shoma Group's track record and vision for the area. The Coral Gables-based developer tapped Craig Studnickys 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 had purchased the 7.2-acre development site in 2014 for $8.5 million, property records show. . She has excellent instincts about demand in the South Florida market and the type of product that will thrive. Shoma Co-Founder Maria Lamas Buys Coral Gables Apartments Shomas general counsel Frank Silva did not respond to a phone message and an email requesting comment. The three-judge panel upheld other judgments in favor of Colombo and Gables Investment, notably on Shomas claim of breach of fiduciary duties. Founded on the simple principle that properties should enrich the lives and communities of the people within them, Shoma has mastered the art and craft of home and commercial building. Construction is expected to begin next year and the building could be completed in late 2024. The developer plans the $220 million Shoma One project with 391 apartments in a pair of 18-story towers, along with a Shoma Bazaar food hall, according to the companys news release. Michael Fay of Avison Young represented the seller. Her company financed the deal with a $6.1 million loan with Ocean Bank. The verdict had appeared to be the finale in a long-fought legal war, but Thomas ruling now adds another chapter to the acrimonious fight between two heavyweight South Florida developers. Masoud Shojaee Net Worth | Wife - Famous People Today her age, height, Instagram, photos; Miami-Dade Circuit Court Judge William Thomas on Monday threw out an October jury verdict in favor of Shoma Coral Gables, an affiliate of Shojaees Shoma Group. Shoma Group is pivoting its plans from apartments to condos at a North Bay Village site it acquired earlier this year. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. Sean Burstyn, the attorney for Colombo and his company, said the entire case was meritless litigation, and that his client expects Shoma will be required to pay all of Colombos attorney fees and court costs. Sanctuary has one- to three-bedroom apartments, according to the release. Still Hunter of Walker & Dunlop represented the seller. The complex, which is being renamed Venetian Flats, has two buildings. Our Team Account subscription service is for legal teams of four or more attorneys. Marcus & Millichap broker Landy Toledo represented the buyer and the seller. Masoud is. [1] [2] Masoud Shojaee was awarded with Future Sharks entrepreneur of the year award in 2018 . The building will also have a 2,600-square-foot co-working space and charging stations for electric cars. Consulting Magazine recognizes women leaders in technology across three categories Leadership, Client Service and Innovation. She also has plans to build an affordable housing division for the company. Don't miss the crucial news and insights you need to make informed legal decisions. Site Map, Advertise| The net proceeds of the sale, $16 million, is being held in escrow, according to court filings. The developer is seeking construction financing for the project. The couple split after 29 years of marriage in 2015 and their divorced was finalized three years later. Over the past 31 years, Shoma has developed more than 10,000 homes and condominiums and more than one million square feet of retail and office space with $5 billion in completed real estate transactions. Toledo said assemblages like the nearly 1-acre Venetian Apartments are rare finds near the Biltmore area in Coral Gables. Lamas filed the foreclosure lawsuit Aug. 30 against LSA Property Holdings LLC and LSA Parking LLC. For questions call 1-877-256-2472 or contact us at [emailprotected], Jill Beck Runs for Pennsylvania Superior Court, Judge Matthew Wolf Runs for Commonwealth Court, Longtime Paul Hastings CFO Departs Following Wave of Exits, Judge Rejects Motion by Trump Lawyers for Mistrial in Civil Rape Case, Bryan Neft Runs for the Commonwealth Court. She works painstakingly to uphold Shomas mission to create unparalleled living experiences that provide an amenity to their surrounding communities, spurring growth and opportunity for generations. Shoma had. From left: Masoud Shojaee of Shoma Group and Ugo Colombo of CMC Group (Shoma Group, CMC Group, iStock/Illustration by Steven Dilakian for The Real Deal) Feb 1, 2022, 12:30 PM. That means prices start at about $1,200 per square foot. The switch from rentals to condos comes as rent growth is finally slowing in South Florida. BenefitsPro Broker Expo will help attendees prepare for new issues, embrace new challenges and find new solutions. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Walker & Dunlop to Amend and Upsize Senior Secured Term Loan, Walker & Dunlop Structures $385 Million Financing for Williamsburg Waterfront Housing with Unparalleled Views. Stephanie understands Shoma Groups mission and identity better than anyone, and brings to it her own creativity and innovative thinking, which has been critical to Shomas success in recent years, said founder Masoud Shojaee, who will continue in his role as Shomas CEO and Chairman of the Board. Then in 1992, he bid $6 million in a government auction of 700 lots. As one of few women developers, Stephanie is passionate about improving the gender imbalance in the real estate world, which has largely remained men-dominated despite progress in other fields. Units will range from 580-square-foot studios to two-bedroom, 1,400-square-foot apartments. Masoud Shoajee of Shoma lawsuit, verdict against company of Ugo Colombo "Once I stayed here in Miami, it felt like home; now my kids have Master's Degrees from UM as well" said Shojaee. Bringing a solutions-oriented approach to every deal, the team specializes in addressing the most complex commercial real estate transactions. Who is: Masoud Shojaee? | News | Miami | Miami New Times | The Leading LexisNexis and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information. Every day it is a privilege to lead our amazing team, and this position is a great honor, said Stephanie. Deal for newly built, fully leased building equates $454K per unit, From left: Doug Andrews, Chairman, Avanti Residential; Masoud Shojaee, President & Chairman, SHOMA Group; Christian Garner, CEO, Avanti Residential; Sanctuary Apartment Complex at 9400 Northwest 41st Street, Doral, FL (Avanti Residential, ApartmentFinder, SHOMA Group). Ethan Royal of Royal Byckovas, who is designing the interiors, said hell be activating spaces and facades with murals and paintings, as well as Persian art, ceramics and textiles. Closing on the site is contingent on the developer securing approval for the project, to be called Shoma One. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Connecticut private island sells for $3.5M, Stephanie Shojaee promoted to Shoma Group president, Shoma completes Ten30 South Beach condo project near Lincoln Road, Verdict upended: Judge throws out Masoud Shojaees $10M court win against Ugo Colombo affiliate, changed a new downtown Miami rental tower. To learn more about Shoma Group and its portfolio, visit www.shomagroup.com. Shoma Group Appoints Stephanie Shojaee as President Masoud Shojaee is part owner of Shoma Group. 32-unit buildings could be redeveloped into luxury townhomes or apartments, 915 and 920 Palermo Avenue in Coral Gables. Sunbeam Television Corp., led by the Ansin family, has been a major player in North Bay Village. Led by President and Chairman of the Board, Masoud Shojaee, Shoma Group has built a reputation as one of South Florida's most trusted developers. Masoud Shojaee | Shoma Group Attorney Zulu Ali Renamed Top Ten Criminal & Immigration Lawyer by Attorney & Pr PVA Cal San Diego to Support Paul Ehline Motorcycle Ride Lytle Creek, SEDA Experts Expands its Forensic Accounting Expert Witness Practice. Along with partners the Related Group and PGIM Real Estate Investors, Shoma also sold a CityPlace Doral apartment complex for $100 million last year, three years after the trio developed the community. Coral Gables real estate investor Maria Lamas picked up a 32-unit apartment complex in her own backyard for $8.2 million. A year later, the 14-unit building at 920 Palermo Avenue was finished. Cision Distribution 888-776-0942 The Coral Gables project, a joint venture between Shoma and CMC Group, never broke ground. Colombos recent projects include the 527-unit Brickell Flatiron tower in Miami. Coral Gables-based Shoma, led by Masoud Shojaee, completed the six-story building in November and fully leased it in the following eight months, according to the release. Shoma Group Closes $84 Million in Financing for 226-Unit Multifamily The $10 million jury verdict disbursement was likely to come from the escrow. Shojaee. Six of the apartments will be live/work units along 37th Avenue and Bird Road. $220M project to include pair of 18-story buildings, food hall, Shoma's Masoud Shojaee and Stephanie Shojaee with 3650 Bird Road (Shoma Group, Google Maps). Law Offices of Frank L. Branson seeks associate with ten plus years plaintiffs' complex, multi-defendant, personal injury trial and appellat Shipman is seeking an attorney with 8+ years of experience, to join our corporate and transactional practice. All Right Reserved. Shoma, in partnership with Jorge Prezs Related Group, built out the 52-acre Park Square at Doral with offices, apartments, single-family homes and retail. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. The developer also previously had plans to partner with Ugo Colombo to build a luxury condo project, the Collection Residences, up the road from Shoma One at 250 Bird Road, but the partnership soured amid litigation, and eventually sold the site to Baptist Health South Florida. With a Master's Degree and a Ph.D. under his belt and a lifetime of knowledge passed down from his developer father, Shojaee had a plan. When typing in this field, a list of search results will appear and be automatically updated as you type. This is the second deal we have completed together this year and is a true endorsement of the strength and market appeal of our offering," commented Masoud Shojaee, President and Chairman of the board of Shoma Group. In nullifying the jury verdict,Thomas ruled that Shoma Coral Gables was not entitled to $10 million in damages because the Shojaee entity did not suffer individual harm as a result of the CMC Group affiliates wrongful closing of the condo projects sales office and discontinuing marketing for The Collection Residences.