{"id":270902,"date":"2026-05-14T14:25:08","date_gmt":"2026-05-14T14:25:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/270902\/"},"modified":"2026-05-14T14:25:08","modified_gmt":"2026-05-14T14:25:08","slug":"shoma-group-pays-13-million-for-coral-gables-dev-site","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/270902\/","title":{"rendered":"Shoma Group Pays $13 Million for Coral Gables Dev Site"},"content":{"rendered":"

Masoud and Stephanie Shojaee\u2019s<\/a> Shoma Group just picked up the development site where it\u2019s planning a luxury residential project in Coral Gables using the Live Local Act.\u00a0<\/p>\n

Shoma paid $13.3 million through an affiliate to buy 3808-3850 Southwest Eighth Street, the South Florida Business Journal reported<\/a>. Benworth Capital Partners provided a $14 million mortgage for the purchase.<\/p>\n

The deal for the 0.8-acre development site was in two transactions and amounts to almost $16 million per acre.<\/p>\n

An entity led by Jorge Gonzalez sold the property. Gonzalez paid $1.5 million in 2001 for the parcel spanning 24,000 square feet at 3808 Southwest Eight Street in 2001, and he paid $1.7 million in 2013 for 3850 Southwest Eighth, spanning 12,000 square feet. The combined sales marks a 314 percent appreciation.<\/p>\n

Shoma proposed a 201-unit Live Local Act apartment project<\/a> for the site last summer, when it was the first known development in the city under the state\u2019s affordable and workforce housing law.\u00a0<\/p>\n

The project, called Ponce 8, would rise 16 stories and have 18,000 square feet of commercial space. PPKS Architects designed the plans.<\/p>\n

Eighty-one units at the complex will be designated for households earning no more than 120 percent of the area median income, in line with the Live Local Act\u2019s requirement.\u00a0<\/p>\n

The average apartment rent in Coral Gables is approaching $4 per square foot, according to Apartments.com. The average one-bedroom spans 690 square feet and rents for more than $2,700 per month, and it\u2019s estimated that a salary of $108,432 per year is required to live comfortably in Coral Gables.<\/p>\n

The city has low apartment inventory and a slow development pipeline, despite high demand, according to Cushman & Wakefield. The occupancy rate was over 94 percent in the fourth quarter of last year with fewer than 1,000 units in development.<\/p>\n

Stephanie Shojaee, president of Shoma, is a cast member of \u201cReal Housewives of Miami,\u201d<\/a> joining the show in 2024.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Masoud and Stephanie Shojaee\u2019s Shoma Group just picked up the development site where it\u2019s planning a luxury residential…\n","protected":false},"author":2,"featured_media":270903,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[225,227,226,116148],"class_list":["post-270902","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news","tag-shomas-coral-gables-condo"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/270902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=270902"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/270902\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/270903"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=270902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=270902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=270902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}