Monthly Archives: December 2016

WSJ Mansion Global

In Miami Beach, a market overloaded with condominiums and high-rises, a new residential project looks to lure buyers with a combination of beach and metropolitan living.

Eleven on Lenox, Shoma Group’s first residential development in Miami Beach, is now open for sales, with prices ranging from $2.99 million to $4 million.

The collection of 11 beach houses on South Beach’s 15th Street is located within walking distance of Lincoln Road, and neighboring attractions include the New World Symphony, the Wolfsonian Museum and Miami’s Art Deco district.

Yet, the three-level houses, which each include a rooftop terrace with a summer kitchen, a dining room and a private pool, aim to provide future homeowners with the “spirit of a coastal retreat,” said Masoud Shojaee, president and chairman of Shoma, based in Doral, Fl.

All units feature one bedroom, one bathroom, a foyer and a garage on the ground floor. Each second floor encompasses three additional bedrooms and three bathrooms, a loft, family room, master foyer, laundry and balconies. The third level is dedicated to the terrace, complete with a powder room and a great room. A glass-encased elevator connects all three floors.

One house, with a total area of 5,455 square feet, is on sale for $2.99 million while the other 10, spanning 6,220 square foot each, are available for $3.5 million and $4 million.

ONE Sotheby’s International Realty is handling sales and marketing exclusively.

Eleven on Lenox is slated for completion in 2018.

The Real Deal

To help generate buzz for Eleven on Lenox, Shoma Group’s first residential project on Miami Beach, company president Masoud Shojaee recently held a blowout launch party at Asian eatery NaiYaRa.

The night-time cocktail party was attended by agents from the project’s marketing firm, One Sotheby’s International Realty, plus Shojaee himself, Miami Beach brokers and their well-heeled clients.

Shoma’s project encompasses 11 townhouses at 1030 15th Street, which range from 4,403 square feet to 4,669 square feet and in price from just less than $3 million to $4 million. Each three-story townhouse will have its own elevator, rooftop pool deck and two-car garage. The developer bought its 32,000-square-foot development site from telecommunications giant AT&T in May 2015 for $6 million. Shoma hopes to begin construction by late fall of this year.