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Shoma Group Unveils New Mixed Use Project Shoma 88
REDEVCO
Shoma Group Unveils New Mixed Use Project Shoma 88Shoma Group, a prominent Miami-based developer, has introduced Shoma 88, a mixed-use development poised to redefine the living experience in Kendall. This project signals a significant stride for Shoma Group, highlighting their dedication to providing housing options that blend affordability with luxury living experiences. Masoud Shojaee, CEO and Chairman of the Board at Shoma Group, expressed excitement for the project, stating, "Kendall holds a special place in our hearts. Shoma 88 represents an opportunity for us to showcase our growth and evolution while maintaining our commitment to quality and community. We're enthusiastic about reintroducing luxury living to Kendall, where our journey began." Standing 28 stories tall, Shoma 88 boasts 405 rental units, each offering a generous 920 square feet of space. With inclusivity in mind, Shoma Group has designated at least 40 percent of the units for workforce housing, ensuring accessibility for Kendall's essential workforce. Shoma 88 offers a holistic lifestyle experience by integrating residential living with essential services and amenities. The development encompasses dedicated office space, providing residents with convenient coworking options and fostering a dynamic live-work environment. Additionally, 105,000 square feet of medical office space and 8,000 square feet of retail space will cater to residents' needs for essential services and amenities. Residents will have access to a wide range of state-of-the-art amenities, including a rooftop pool with barbecue areas, a fully equipped gym, a sauna, a business center, a dedicated kids’ playroom, and a clubhouse. Stephanie Shojaee, President of Shoma Group, underscored the project's inclusivity, stating, "Shoma 88 is more than just luxury living. We're creating a space that meets the diverse needs of the Kendall community, fostering a vibrant hub for residents, workers, and local businesses." Groundbreaking for Shoma 88 is slated for the first quarter of 2025, with an estimated completion date within 30 months. Shoma MGMT, led by Stephanie Shojaee, will oversee leasing and management for the property, designed by the renowned PPK Architects.
mixed-use
May 20, 2024
Tortoise One A New Mixed-Use Project In West Palm Beach Announces Completion
REDEVCO
Tortoise One A New Mixed-Use Project In West Palm Beach Announces CompletionWest Palm Beach, renowned for its vibrant culture and coastal charm, is welcoming a new addition to its skyline with the completion of Tortoise One, a luxury mixed-use, multifamily development. Developed by Tortoise Properties, known for its expertise in creating exceptional real estate assets in South Florida, Tortoise One is set to redefine upscale living in the heart of the city. Strategically located at 740 N Dixie Highway in the downtown corridor, Tortoise One comprises two eight-story towers housing a total of 264 residences. The development offers a range of living options, from studios to spacious one and two-bedroom apartments, designed to cater to the diverse needs of modern renters, including young professionals, families, and entrepreneurs. Jake Geleerd, co-founder and CEO of Tortoise Properties, expressed his excitement about the project, stating, "Tortoise One embodies our commitment to innovative design and elevated experiences. We are thrilled to introduce this exceptional endeavor, which sets a new standard for luxury living in West Palm Beach." Designed by MSA Architects with interiors by Builders Design and constructed by Verdex, each apartment at Tortoise One exudes refined elegance. Features include private balconies with sweeping views, wood-style flooring, floor-to-ceiling windows, and high-end kitchens with custom tile backsplash and stainless-steel appliances. Residents also benefit from amenities such as in-unit washer and dryer, smart thermostats, and keyless entry for added convenience and security. The amenity program at Tortoise One is designed to cater to residents' diverse interests and lifestyles. From social clubrooms and fitness centers to rooftop pickleball courts and resort-style swimming pools, there's something for everyone. The development also features private workspaces, a pet washing area, and electric car charging stations, promoting sustainability and convenience. Situated just minutes from Palm Beach Island, Tortoise One offers residents easy access to a plethora of dining, shopping, and entertainment options in downtown West Palm Beach. With transportation services like the Circuit connecting the property to the city, residents can explore with ease. Crown Residential is managing the leasing of apartments at Tortoise One, while retail leasing is being led by Tortoise Realty Group.
mixed-use
May 15, 2024
Miami’S Largest Office Lease Transaction In 2024 Signed At Waterford Business District
REDEVCO
Miami’S Largest Office Lease Transaction In 2024 Signed At Waterford Business DistrictMiami's prestigious Waterford Business District (WBD) continues to solidify its position as a premier corporate destination with the recent signing of a significant lease by global business services company Assurant. The lease, encompassing an impressive 78,000 square feet, marks the largest office transaction in Miami so far this year, further enhancing the district's reputation as a hub for top-tier businesses. Brent Woodruff, Matthew Goodman, and Tyler Wyant from CBRE represented Assurant in this lease transaction. Situated on 250 acres adjacent to Miami International Airport, the WBD offers unparalleled accessibility to major residential and commercial centers. Boasting over 1.65 million square feet of prime office space across 7 Class A buildings, the district provides tenants with a blend of convenience, amenities, and a thriving business ecosystem. "At Waterford Business District, we take pride in curating an environment where individuals find genuine enjoyment in their work," remarked Charles Russo, Nuveen's Senior Director and Head of Southeast- Workplace, Retail, and Mixed-Use. "Companies like Assurant are drawn to dynamic hubs like ours because of the exceptional office spaces and thriving business community. Our commitment to innovation and meeting the evolving needs of businesses makes WBD an irresistible destination." Assurant's decision to relocate to WBD underscores its dedication to providing a workspace tailored to the evolving needs of its Miami-based workforce. The company joins esteemed tenants such as Subway and FedEx, further reinforcing the district's commitment to excellence. Blanca Commercial Real Estate, the exclusive leasing agent for the WBD portfolio, facilitated the lease, marking one of their largest deals to date. "Our commitment to providing a workplace that blends cutting-edge amenities with convenience resonates with companies seeking a dynamic environment," stated Juan Ruiz, Vice Chairman of Blanca CRE. Under the joint venture between Nuveen Real Estate and Allianz, managed by PIMCO Prime Real Estate, LLC, WBD has undergone significant transformations, establishing itself as a state-of-the-art corporate campus. Investments in amenities such as shuttle services, fitness centers, and waterfront outdoor areas, coupled with tenant-engaging activities, contribute to the district's vibrant atmosphere. Moreover, WBD presents unique build-to-suit opportunities with an additional 30 acres of fully entitled land, making it an ideal location for large enterprises seeking a highly accessible headquarters in the heart of Miami.
mixed-use
May 09, 2024
Oak Row Equities Breaks Ground On 2600 Biscayne Boulevard In Miami'S Edgewater Submarket
REDEVCO
Oak Row Equities Breaks Ground On 2600 Biscayne Boulevard In Miami'S Edgewater SubmarketOak Row Equities, a vertically-integrated private equity and real estate development company with over $1.6 billion of development in South Florida, have broken ground on 2600 Biscayne Boulevard, a transformative Class AAA multifamily and office tower in the rapidly-maturing Edgewater neighborhood of Miami. Coastal Construction Group, one of the largest general contractors in the Southeast, is the general contractor. Globally-renowned architecture firm Arquitectonica is responsible for the design of the luxurious 41-story building, which will be home to an original public art piece by acclaimed artist Derrick Adams. Vida, a Portland-based full service interior design and interior architecture firm, is designing the interiors. The commencement of construction follows the pre-leasing of 50% of the commercial space, and the closing of a $181M loan from Bank OZK – one of the largest multifamily construction loans to close in South Florida this year. “We are thrilled to be breaking ground at 2600 Biscayne. We are focused on delivering the highest quality multi-family and office product to the Edgewater submarket,” said Erik Rutter, Managing Partner at Oak Row Equities. “We believe by breaking ground today we will deliver into a supply-constrained market and be well-positioned as the highest quality asset in Miami-Dade County.” 2600 Biscayne comprises an entire city block and is conveniently located one block from the planned Northeast Corridor rail stop. The tower features 187,000 square feet of prime office and retail space and 399 luxurious studio to three-bedroom (plus den) rental residences. With exceptional design, ample private outdoor space, modern finishes, stunning views, and state-of-the-art amenities, these residences will rival new condo construction homes. An elaborate mural will be displayed on the western portion of the facade visible from multiple neighborhoods by celebrated artist Derrick Adams. "2600 Biscayne will dramatically enhance the caliber of multifamily and office space in Edgewater and really create a new upper tier for these asset classes in South Florida," says David Weitz, Managing Partner at Oak Row Equities. “We are thrilled to be breaking ground on this exciting new project, and are proud to be working with such sophisticated financial institutions who are invested alongside us in South Florida’s bright future.” "Coastal Construction Group is honored to join Oak Row Equities in breaking ground on 2600 Biscayne Boulevard,” said Patrick Erin Murphy, Executive Vice President of Coastal Construction Group. “We are excited to contribute to the transformation of the Edgewater neighborhood with esteemed partners and look forward to playing a part in delivering this building.” The residential portion of the tower will begin 135 feet above the ground, ideal for residents looking for the quintessential Miami view. Multiple levels of residential amenities include a pet spa, private lounge, yoga studio, and top-of-the-line fitness center. A wraparound 12th-floor amenity deck will have a lap pool, cold plunge, hot tub, well-appointed cabanas, and BBQ grills. The tower’s 41st floor will feature a coworking lounge and rooftop deck with some of the best views in Miami. Residents will enjoy a seamless arrival experience via a dedicated residential porte-cochére with lush, covered waiting areas for ride shares. 2600 Biscayne will have EV charging stations and over 600 parking spaces for added convenience. 2600 Biscayne will be Gold Certified National Green Building Standard. The tower’s offices are almost 50% pre-leased and will be located on the first ten floors within a sculptural pyramid-like structure. Office tenants will have access to touchless entry points and elevators to easily divisible floor plates with 14’ ceilings. There will be floor-to-ceiling glass throughout the spaces, private tenant balconies, and a wide range of indoor and outdoor wellness-focused amenities. Outdoor amenities exclusive for the office tenants include a landscaped rooftop terrace, exclusive padel court, open-air seating, covered picnic areas, an outdoor wellness and yoga deck, and more. Inside, there is a dedicated business lounge, private meeting areas, conference rooms, and an entertainment room with a golf simulator. Vehicular arrival for office tenants will be via a private porte-cochére and a designated lobby. Dedicated valet and tenant parking will be available along with 24/7 security and access. Edgewater offers lifestyle amenities such as the lush eight-acre Margaret Pace Park, and robust retail and culinary options. Wynwood, Midtown, and the Design District are moments away. Whole Foods and a Northeast Corridor rail station will be within blocks upon completion. Miami International Airport, I-95, Miami Beach, and Brickell are easily accessible from Edgewater.
mixed-use
Apr 22, 2024
Whitman Family Development Reveals Mixed-Use Luxury / Workforce Housing Development Within Bal Harbour Shops Complex
REDEVCO
Whitman Family Development Reveals Mixed-Use Luxury / Workforce Housing Development Within Bal Harbour Shops ComplexWhitman Family Development, the family-owned company that pioneered the concept of an open-air retail destination with the creation of Bal Harbour Shops, has submitted plans for a mixed-use development that will further enhance the 18-acre property with the addition of attainable and market-rate residences and a boutique hotel in the heart of the commercial district of the Village of Bal Harbour, Florida. Serving as the Village’s commercial centerpiece, the premier upscale shopping destination Bal Harbour Shops comprises over 100 shops, restaurants and entertainment serving locals and visitors. Plans for the mixed-use development encompass 600 high-end residential units, 40% of which are slated for workforce housing and 60% of which are to be luxury housing, a 70-room upscale hotel and 45,700 square feet of additional retail space. The new development is made possible by Florida’s Live Local Act, a bipartisan bill passed by the Florida legislature last year in response to the critical need for affordable and attainable housing statewide. The legislation enables developers to build more density and reach building heights within the scale of the surrounding area, so long as they commit to including attainable housing units. The law requires that local municipalities approve mixed-use residential projects in any area zoned commercial through an administrative review process, allowing developers to accelerate their timelines. In exchange, property owners must commit to designating at least 40 percent of all residential units as attainable or affordable housing for at least 30 years. “South Florida’s economic future relies on creating more sustainable housing options. As a firm with deep Miami roots that span generations, Whitman Family Development is addressing this reality by making a significant investment in the greatest area of need in our community: access to attainable housing,” said Matthew Whitman Lazenby, President and Chief Executive Officer of Whitman Family Development. “By adding workforce and market-rate housing catering to service and hospitality workers, teachers, first responders, and other workers who are the backbone and lifeblood of our community and who are currently priced out of the market, Bal Harbour Shops will diversify the area’s housing market so that people who work in this Village can actually live here.” Whitman Family Development has already filed plans for the mixed-use development with the Village of Bal Harbour. Once building permits are issued, the multi-phase project will begin with the development of an attainable housing tower on the property’s southwest corner, followed by luxury residential units, and the boutique hotel. The residential components, which will reflect the premium design, finishes and features that characterize the luxury brand, will feature lifestyle-driven amenities including elevated swimming pool decks, resident lounges and entertainment areas, modern fitness centers, outdoor recreational areas, and more. The development’s planned residential component will help meet growing demand for quality and more accessible housing in the region. Today, half of Miami-Dade’s 936,351 households spend more than 30% of their income on housing costs, according to the 2023 Housing Needs Assessment report by the University of Florida and Miami Homes for All. This, while real estate experts recommend that renters and homeowners spend 30% or below on their housing expenses. Bal Harbour’s premium housing market, where the average home is valued at $1.7 million, currently prices out the community’s workforce as the median price for rental listings is about $7,000 a month, according to Realtor.com. “The addition of a residential component at Bal Harbour Shops will enable a cross-section of residents to reside closer to their place of work,” Mr. Whitman Lazenby added. “The infill development will reduce commute times and gridlock, while improving quality of life for hundreds of people currently commuting into the Village of Bal Harbour and nearby enclaves each day.” Under Bal Harbour Shops’ development plans, the new towers will rise to approximately 275 feet, consistent with immediately adjacent buildings in the Village, including the St. Regis Bal Harbour Resort directly across the street. The design prioritizes pedestrian access and street-level activations, with new entry points that will foster connectivity within the development and the surrounding neighborhood. New tax revenue generated by this development will help the Village of Bal Harbour enhance public safety and prioritize infrastructure improvements, alleviating a cost burden that would otherwise be placed on residents. Whitman Family Development has been a mainstay in South Florida’s real estate landscape for the past 60 years. The fourth generation, family-owned firm unveiled the Bal Harbour Shops in 1965 and has continually invested in the property with an eye toward the future of the Village of Bal Harbour, one of the region’s most desirable places to live and visit. The open-air, luxury retail center, which is home to renowned brands such as Chanel, Gucci, Tiffany & Co. and Valentino, is currently undergoing a $550 million retail expansion that will add about 250,000 square feet, nearly doubling the center’s current retail space. The retail expansion will accommodate the addition of 35 new upscale stores and restaurants, which will solidify Bal Harbour Shops position as one of the world’s most popular destinations for luxury shopping, hospitality, and dining.
mixed-use
Jan 10, 2024
Terra And Grass River Property Complete Grove Central Transit Oriented Mixed-Use At Gateway To Coconut Grove
REDEVCO
Terra And Grass River Property Complete Grove Central Transit Oriented Mixed-Use At Gateway To Coconut GroveTerra and Grass River Property, two of the deepest-rooted development firms in Miami’s Coconut Grove neighborhood, have completed construction of a new mixed-use multimodal complex that exemplifies smart development in South Florida. Grove Central, located at the intersection of US-1 and SW 27th Avenue, includes a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage, and approximately 170,000 square feet of neighborhood retail. Retail anchors include Target, Sprouts Farmers Market, Total Wine & More, Five Below and Club Studio. The transit-oriented development connects to the adjacent Coconut Grove Metrorail Station and integrates directly with The Underline linear park, Miami-Dade’s bus system, and the City of Miami’s popular trolley network. Grove Central has been designed to create a transit-oriented hub offering a seamless pedestrian experience that encourages Metrorail ridership and urban living. The project was developed as part of a Miami-Dade County initiative aimed at improving connectivity between residential living, commercial development, and mass transit through private development on County-owned land. The development, which marks the second successful public-private partnership project to deliver under Miami-Dade County Mayor Daniella Levine Cava’s tenure, represents a significant economic impact for the community generating more than 1,600 construction jobs, nearly 500 permanent full-time and part-time positions, tens of millions of dollars in lease revenue to the County, and the collection of property tax revenues for the first time in the site’s history. “Grove Central is an exciting milestone and a shining example of a what mixed use transit-oriented development can do for a growing community like Miami-Dade,” said Miami-Dade County Mayor Daniella Levine Cava. “Projects like this are the future of Miami-Dade, and a key part of making our community more livable and walkable.” The development’s retail component is opening in phases, with an exciting roster of tenants including anchors Target, Sprouts Farmers Market, Club Studio, Total Wine & More, and Five Below. Additional retailers expected to open over the next year include Black Sheep Coffee, Mattress Firm, Chipotle, T-Mobile, Panda Express, Woof Gang Bakery and Pacific Dental. Meanwhile, Grove Central’s residential tower is now open for occupancy as leasing gets underway and renters officially begin to move into the building. The development’s 402 multifamily apartments range from 400-square-foot studios to expansive five-bedroom apartments measuring up to 2,170 square feet in size. Rental rates range from approximately $2,000 to $3,350 per month. “Grove Central is a premier location for a transit-oriented community, and a model for the future of smart development and mobility across South Florida,” said David Martin, CEO of Terra. “The development’s carefully curated list of retailers complements the needs of residents and the surrounding community, as well as the neighborhoods along the Metrorail from Downtown Miami to Coral Gables and beyond.” “Grove Central is a preeminent example of a multimodal transit-oriented development that combines daily-service retail space and Class A attainable housing product that amenitizes the Metrorail and Underline while promoting ridership and alternative modes of transportation for residents and locals,” said Peter LaPointe, President of Grass River Property. “We are grateful to have partnered with Miami-Dade County on this transformative development, which serves as a model for what is possible when the public and private sectors come together.” Grove Central was designed by Touzet Studio, a Miami-based design firm led by Carlos and Jackie Touzet, in collaboration with architecture firm RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture (LOLA). The focal point of the development is a tree-lined public plaza connecting the project and improving pedestrian flow to and from the revamped Metrorail station and the adjacent Underline, a 13-mile linear park running from South Miami-Dade to Downtown Miami. Water resilient plantings designed as rain gardens are used to absorb storm water, and a large cistern captures roof runoff for reuse. With Florida Green Building Certification, Grove Central also embraces and exceeds the City of Miami’s sustainability, efficiency, and green building requirements. Apartments at Grove Central boast plank flooring, contemporary finishes and fixtures, modern Italian kitchen cabinetry, smart energy efficient stainless-steel appliances, full-size washers and dryers, in-unit high-speed WiFi technology, spacious living and dining rooms, walk-in closets, en-suite bathrooms, and floor-to-ceiling windows and balconies with views of Coconut Grove, Biscayne Bay, and the Downtown Miami skyline. Extensive building amenities include a resort-style rooftop pool deck, a grilling terrace overlooking Biscayne Bay, a party room with a karaoke lounge, a double level fitness center with a dedicated yoga studio, a resident herb garden, and a co-working center with private conference facilities. Additionally, residents can enjoy a pub room with billiards table and ice box pantries, a coffee bar, an arcade and game room, a golf simulator, and a theater room with plush tiered seating. A dedicated residents-only entrance leads to a private double-height lobby and staffed reception desk, with 24-hour security. Technology features include smart-lock entry points with mobile app functionality, electric vehicle charging stations, and high-speed mesh networked WiFi. Located at the entrance to one of Miami’s most popular neighborhoods, Coconut Grove has long been known for its enviable waterfront along Biscayne Bay and the lush tree canopy. In addition to the building’s many on-site amenities, Grove Central residents are an easy bike-ride or walk from dozens of parks, art galleries, trendy shops, restaurants, bars and nightlife options in and around Coconut Grove. Images via Terra
mixed-use
Jan 09, 2024