Shoma Group to Develop 327-Unit Miami Waterfront Community
The firm will break ground on the project this summer.
Shoma Group has revealed plans for Shoma Bay, a 327-unit waterfront community in North Bay Village, Fla. The development designed by MSA Architects will break ground this summer and is slated for completion in 2023.
The Shoma Bay apartments will be located in the Upper East Side submarket of Miami, an area with roughly 1,611 units in various stages of development, according to Yardi Matrix data.
Developments in North Bay Village provide residents a respite from the metropolitan area, surrounded by views of Biscayne Bay, mentioned Masoud Shojaee, president & chairman of the board at Shoma Group, in a prepared statement.
Miami maintained steady multifamily fundamentals, being one of the top metros with the highest annual rent growth, reaching 23 percent as of January, Yardi Matrix data shows.
The 21-story luxury community will comprise a mix of studio, one-, two and three-bedroom apartments, ranging from 324 to 1,435 square feet with modern appliances and finishes. Some units are dedicated to workforce housing, and the property will include 6,315 square feet of retail space.
Common-area amenities include a waterfront pool deck with cabanas and a summer kitchen, resident lounge and bar, spa, fitness center, kids club, library, lounge for coworking, sky lounge with a bar and areas for games and movies, storage spaces and bike rooms. The pet-friendly community includes a Pebbs Spa for Dogs.
Located at 1850 John F. Kennedy Causeway, the community is within half a mile of KLA Schools of North Bay Village and Treasure Island Elementary School. Dining and retail options, including Presidente Supermarket and Walgreens are also close to the property. Shoma Bay is next to Highway 934, connecting it directly to Interstate 95 and downtown Miami.