Cision Distribution 888-776-0942 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. 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. 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. [1] [2] Masoud Shojaee was awarded with Future Sharks entrepreneur of the year award in 2018 . Shoma had. And it is still within walking distance to downtown. Amenities will include a lounge, bar, spa, gym, pool deck, library and kids club. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. The net proceeds of the sale, $16 million, is being held in escrow, according to court filings. 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. 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 learn more about Shoma Group and its portfolio, visit www.shomagroup.com. The company is turning its attention to South Florida, as the multifamily market experiences unbridled growth thanks to demand from locals and newcomers. P.C. The partnership began to unravel in 2015 when Shoma Coral Gables said it was pulling out of the project. Thomas ruling is the latest turn of events in the six-year legal battle between the two real estate tycoons over their once-hyped plan for The Collection Residences, which also included retail and an underground garage. Six units will be set aside as live/work apartments, Masoud Shojaee and 3650 Bird Road (Credit: Google Maps). Stephanie Shojaee (born 7 November 1984 Miami, Florida, USA) is an American entrepreneur and the President of Shoma Group which is an award winning real estate development company specializing in residential and commercial projects. Lamas Coral Gables acquisition closed as the city experiences an apartment building boom. Lamas and her children, through trusts and other entities, sued the Shoma Group developer over the years. Shoma Group is betting on Miamis multifamily market. Other developers have made similar changes. Terms of Service. 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. The developer is seeking construction financing for the project. Units at Shoma Bay will start at 324-square-foot studios and go up to 1,435-square-foot three-bedroom condos. Candidates must have general We are seeking an attorney to join our commercial finance practice in either our Stamford, Hartford or New Haven offices. 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. Join 2,659 other subscribers Subscribe 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. Masoud Shojaee's Shoma Group paid $34 million for a Miami auto dealership, with plans to redevelop it into a pair of apartment towers. Closing on the site is contingent on the developer securing approval for the project, to be called Shoma One. Read Also:Rick Beato Net Worth: Wife, Family, Income, Earnings Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Shoma Group, one of the largest developers in Miami-Dade County, has promoted Stephanie Shojaee to president. Both companies are managed by Shoma Group President and co-founder Masoud Shojaee, Lamas'. 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. Coral Gables-based Shoma has been very active in South Florida. Stephanie is currently spearheading the firms new development strategy of food hall-anchored multifamily projects and recently opened their first Shoma Bazaar location in Doral. 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 . Miami-based developer Shoma Group is excited to announce Stephanie Shojaee has been named as the companys president. Since joining the firm in 2013, Shojaees eye for creating luxury housing and upscale retail offerings has shaped Shomas projects and further solidified its reputation as one of South Floridas most respected developers. WDCPF deftly navigates the capital markets to provide a full spectrum of funding solutions, including low leverage, high leverage, cash flow, no-cash flow, ground leases, environmental contamination, structural deficiencies, liquidity challenged sponsorship, and short-term closings. Learn about Shoma Group's history in real-estate development and people behind our company. Law Offices of Gary Martin Hays & Associates Candidates should Lawyers of Distinction like to congratulate to the newest 2022 Lawyers of Distinction. In 2013, through their equally owned Coral Gables Luxury Holdings, Shojaee and Colombo paid $27 million for the 2.8-acre site at 4101 Salzedo Street and 4112 Aurora Street. The couple married in 2019, a year after Masoud finalized his divorce from Shoma Group co-founder and his former . The smallest units will be 375-square-foot studios, complete with space-efficient furniture. The developer launched sales of that project in October. https://www.law.com/dailybusinessreview/2020/07/23/coral-gables-developer-gets-another-shot-in-case-against-real-estate-tycoon-ugo-colombo/. Venetian Flats, an entity managed by Lamas, bought the Venetian Apartments at 915 and 920 Palermo Avenue, located near the Venetian Pool and the Biltmore Hotel. In June, it purchased the 341-unit 500 Ocean apartment complex in Boynton Beach for $105 million. Shoma is under contract to buy the property at 3650 Bird Road, which is. Both options are priced the same. The developer is seeking a 10 percent waiver in parking with a total of about 500 spaces. 32-unit buildings could be redeveloped into luxury townhomes or apartments, 915 and 920 Palermo Avenue in Coral Gables. His CMC Group is currently developing the boutique, eight-story Onda Residences in Bay Harbor Islands along with Morabito Properties. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Completed projects include the prestigious City Place Doral, The Flats, Park Square, One Park Square at Doral, Doral View, and The Manor. 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. The couple split after 29 years of marriage in 2015 and their divorced was finalized three years later. In her new position, she will lead the charge to expand the company beyond its South Florida presence into new domestic and international markets, including California, Texas, Mexico and Colombia, while continuing her integral role overseeing the firms multifamily and commercial developments, sales and management division, and marketing efforts. Shojaee said his project stands out from existing rental projects nearby because Shoma builds rentals with features and finishes more commonly found in condos. Masoud Shojaee and his wife Maria, both 46 years old, incorporated Shoma Development Corporation in 1988. Masoud Shojaee is Santa Fe's managing director. Founding Shoma. Lamas, who co-founded Shoma Group with her then-husband Masoud Shojaee, paid roughly $256,000 per unit. The Coral Gables project, a joint venture between Shoma and CMC Group, never broke ground. Nearby, Agave Holdings is almost finished building The Plaza, a 2.25 million-square-foot mega-project with 174 apartments, a 242-key hotel and 161,000 square feet of retail. Construction is expected to start in January of next year and will take up to two years. Shoma Group is pivoting its plans from apartments to condos at a North Bay Village site it acquired earlier this year. The suit alleges he has been secretly siphoning the firm's available cash to pay and support his lavish personal lifestyle since 2015. 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. This unique Moroccan estate in Coral Gables owned by Miami developer Masoud Shojaee has resurfaced for $12.9 million ($1,036 per square foot), down nearly 20 percent off its original $15.9. The debt served as a construction loan takeout prior to lease-up of the development, which is currently approximately 30 percent occupied. The group is a real estate development company which is based. Together, Walker & Dunlop's team provided interest-only bridge financing with a three-year term. Just an all-around great location.. When Shoma refused, CMCs affiliate retaliated by canceling condo sales and marketing, the suit alleged. 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. The jury had handed Shoma Coral Gables a $10 million award after concluding that Colombo and an affiliate of his development company CMC Group, breached a partnership agreement to build The Collection Residences, a 128-unit luxury condominium. Real estate agent based in Miami, Masoud Shojaee, has wowed women after gifting his wife Steph a private jet In a video that has gone viral, the billionaire opens the door for blindfolded Steph, walks onto a red mat which is written her name, before removing the scarf covering her eyes Full name/real name: Masoud Shojaee Gender: Male Date of birth: August 3, 1959 Age: 62 Zodiac sign: Leo Place of birth: Tehran, Iran Current residence: Coral Gables, Florida, USA Nationality: Iranian-American Ethnicity: Iranian Religion: Muslim Sexuality: Straight Height in feet: 6' 1" Height in centimetres: 185 Hair colour: Black Eye colour: Brown Shomas general counsel Frank Silva did not respond to a phone message and an email requesting comment. There are no other apartments within close proximity, the spokesperson said. A spokesperson for Lamas said the buildings are being renovated with the possibility of raising rents. That means prices start at about $1,200 per square foot. Marcus & Millichap broker Landy Toledo represented the buyer and the seller. Michael Fay of Avison Young represented the seller. her age, height, Instagram, photos; We look forward to continuing our forward momentum on this development and collaborating on other projects in the future.". Coral Gables real estate investor Maria Lamas picked up a 32-unit apartment complex in her own backyard for $8.2 million. There is redevelopment potential, including the opportunity for the buyer to transform the property into additional townhomes and condominiums, Toledo said. The building will also have a 2,600-square-foot co-working space and charging stations for electric cars. Shoma had purchased the 7.2-acre development site in 2014 for $8.5 million, property records show. For more information visit www.shomagroup.com. Previously, Stephanie was a residential real estate agent in South Florida for 10 years. The complex, which is being renamed Venetian Flats, has two buildings. First arriving in Miami Florida august of 1978, Mr. Shojaee had a group of friends that urged him to try The University of Miami rather than going to UCLA as he had originally planned. A Miami-Dade judge overturned developer Masoud Shojaees $10 million court victory against an affiliate of his former joint venture partner Ugo Colombo. Shoma bought the 2.5-acre property at 3650 Bird Road, steps from a Metrorail stop, from an affiliate of Deel Volvo, the dealership currently on the site, records show. Shomas current pipeline includes Ten30, a condo development at 1030 15th Street in Miami Beach, near Lincoln Road. At no time has Mr. Colombo ever been held liable to Shoma.. "Each team worked together to make this happen. 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. Masoud Shojaee Age: 62 Birthplace: Tehran, Iran Residence: Miami Current position: Chairman and CEO, Shoma Group Education: B.S.E.E. I am confident that, as president, her determination, leadership and clear vision for the company will continue to serve Shoma Group well.. 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 roof of the garage will have a pool, fitness center and other amenities. "Once I stayed here in Miami, it felt like home; now my kids have Master's Degrees from UM as well" said Shojaee. 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. 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. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. To view this content, please continue to their sites. In addition, seven two-story apartments, ranging in size from 1,344 square feet to 1,400 square feet, will be live-work units where renters can have their office on a full floor. BenefitsPro Broker Expo will help attendees prepare for new issues, embrace new challenges and find new solutions. 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. In July, Property Markets Group and Greybrook changed a new downtown Miami rental tower to a condo tower, now called The Elser Hotel & Residences. Francisco Alvarado; Save article. 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. Pino and Hessam worked alongsideGeoff Smithand Kimberly Schmitzof Walker & Dunlop Commercial Property Funding, the company's specialty finance first mortgage and mezzanine lending platform. In December, the duo sold the last developable Park Square parcel for $16 million to Lincoln Property Company National, which plans an apartment project. Units will increase in size to 1,400-square-foot, two-bedroom apartments. The Third District Court of Appeal reversed the trial courts decision in favor of Colombo and his Gables Investment Holdings LLC on claims by Shojaees Shoma Group. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Specializing in residential and commercial projects, Shojaee has built over 65 developments spanning more than 10,000 residential units and over 1 million square feet of. 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. The two apartment buildings will also have sky lounges on the upper floors, a cafe, co-working spaces, a movie theater and bowling alley. Copyright 2023 ALM Global, LLC. Developer Masoud Shojaee will get another go at his breach-of-contract claims against Miami real estate powerhouse Ugo Colombo in their dispute over a failed Coral Gables joint venture. Site Map, Advertise| Thursday, February 2 2023. . 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. At Shoma, she has worked to diversify the firms workforce and increased its number of women employees tenfold. Unfortunately, there is no exact figure of Masoud Shojaee's salary. By . I am extremely proud of the tremendous care and attention to detail we put into everything we build, and I am committed to continuing Shomas reputation as one of the most trusted builders. The. Established in 1988, Shoma Group is an award-winning real estate development company specializing in residential and commercial projects. Who is Masoud Shoajee? The switch from rentals to condos comes as rent growth is finally slowing in South Florida. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. About Us| Our Team Account subscription service is for legal teams of four or more attorneys. Developer Masoud Shojaee is planning to build a two-tower, 359-unit rental development on Bird Road near Coral Gables. For six years, this lawsuit in. The following year Shoma sued Colombo, The Collection and CMC Group affiliate Gables Investment Holdings. Lamas played an instrumental role in Shoma Groups growth, the company she and Shojaee founded in 1988. . 2018 - Hagedorn Publishing. All Rights Reserved. Toledo said assemblages like the nearly 1-acre Venetian Apartments are rare finds near the Biltmore area in Coral Gables. All Right Reserved. 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. Not a Bloomberg Law Subscriber?Subscribe Now. The company completed its four-story, 33-unit Ten30 South Beach condominium at 1030 15th Street near Lincoln Road in Miami Beach in March. Decision quashes October jury verdict over failed Coral Gables condo project, 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). Your article was successfully shared with the contacts you provided. Her diligence has resulted in resounding success. Shoma paid about $16 million for the site at 1850 79th Street Causeway in May, with plans for a multifamily and retail development anchored by Publix. 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. She's been with the Coral Gables-based company since 2013, starting in the sales. 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). Daily Business Review honors attorneys and judges who have made a remarkable difference in the legal profession in Florida. and received Fannie Mae approval for buyer financing. "The key is understanding the different market sectors . The Coral Gables-based developer tapped Craig Studnickys ISG World to lead sales and marketing of the units. The Miami Herald first reported on the project. Consulting Magazine recognizes women leaders in technology across three categories Leadership, Client Service and Innovation. Masoud Shojaees Shoma Group paid $34 million for a Miami auto dealership, with plans to redevelop it into a pair of apartment towers. Masoud builds high quality developments in the diverse and growing South Florida. 920 Sevilla Developers, a foreign company registered in Delaware, sold the properties.. The Collection, also led by CEO Ken Gorin, is expanding to another Gables location, specifically for Jaguars and Land Rovers. The pet-friendly community also has a pet spa. He was still under 30 when he founded the Shoma Group in 1988. The platform is led by former investment bankers with an average of 25 years of experience. South Florida real estate reporter Developer Masoud Shojaee will get another go at his breach-of-contract claims against Miami real estate powerhouse Ugo Colombo in their dispute over a failed. Lamas filed the foreclosure lawsuit Aug. 30 against LSA Property Holdings LLC and LSA Parking LLC. Lamas. The company bought a waterfront assemblage of more than 6 acres next to its WSVN-Channel 7 TV station in three deals last year totaling $56.5 million. Shojaee, who declined to disclose the purchase price of the land, plans to break ground later this year. About a mile from Lamas properties, Ubica and Maven Real Estate are planning an apartment building on a half-acre site anchored at 152 Almeria Avenue. Shojaee. $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). Biography Of Stephanie Shojaee - Age , Net Worth and Children , She is the wife of Masoud Shojaee , His husband is the president and chairman of the board of Shoma Group. When typing in this field, a list of search results will appear and be automatically updated as you type. Today it is one of South Florida's preeminent residential builders. The joint venture suffered the harm [and] not Shoma, the suing member, Thomas wrote. She will continue to oversee the tenant mix of each of Shomas commercial developments, hand-selecting them to ensure they deliver the best offerings, and will serve as the head of Shoma MGMT, the division she founded which handles the leasing and management of the firms rental communities. Under her leadership, the firms developments have leased up and sold out in record pace, including Sanctuary Doral Apartments, which sold for a landmark $102.5 million, and Ten30 South Beach, a condominium that sold out several months before completion. The deal breaks down to $453,539 per unit. Avanti Residential, based in Denver, bought the 226-unit complex at 9400 Northwest 41st Street, according to a Shoma news release. The project is going through the city of Miami approval process and could be approved within the next month and a half. Shoma Group sold its recently completed and fully leased Sanctuary apartment building in Doral for $102.5 million, marking continued investment appetite for South Florida multifamily projects amid a hot market. 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. 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. She has completely transformed the way Shoma markets its projects, helping the 33-year-old real estate powerhouse maintain its prominence in a social media age through her keen understanding of demand in the market and forward-thinking approach to digital marketing. Avanti, led by Chair Doug Andrews and CEO Christian Garner, is a multifamily owner-operator of properties throughout Arizona, Colorado, Florida, Kansas and Utah, according to its website. She earned a bachelors degree in marketing from Florida State University. 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. "This transaction highlights WDCPF's ability to deliver competitively priced capital in the midst of the development's final phase of lease-up," Mr. Smith commented. Shoma Group's Masoud and Stephanie Shojaee; renderings of new North Bay Village (Shoma Group, Getty).