Shoma Group Unveils New Mixed Use Project Shoma 88

Shoma 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.

TORTOISE ONE A NEW MIXED-USE PROJECT IN WEST PALM BEACH ANNOUNCES COMPLETION

West 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.

Miami’s Largest Office Lease Transaction in 2024 Signed at Waterford Business District

Miami'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.

Catch-Up With Property Management Guru Maty Beraja of MAGASI In An Exclusive PROFILEmiami Interview

PROFILEmiami had the opportunity to catch-up with Maty Beraja, Director of Operations at MAGASI, a family-run, full-service property management company specializing in multifamily, affordable housing, and hospitality management. As Director, Maty oversees all operational aspects of the company’s day-to-day operations. A Miami native, Maty has an MBA from the University of Miami; paired her work in local value-add projects, Maty understands how the Miami market works and matches that with her clients needs. We joined Maty at one of the short-term rental properties that she manages to get the background scoop on MAGASI.

PM: Introduce yourself and give us your background.

MB: My name is Maty Daniela Beraja and I am the Director of Operations for MAGASI – a family-run, full-service property management company specializing in multifamily, affordable housing, and hospitality management. I am a Miami native and graduated from the University of Miami, for both my undergraduate degree and accelerated MBA in Real Estate. I have over six years working in the multifamily and commercial real estate sector and now I work alongside my parents and sister at MAGASI.

PM: Tell us about your early real estate career.

MB: I went to college with a passion for both design and numbers – something I never imagined being able to combine into one profession. Coming from an entrepreneurial family in the healthcare industry that invested in multifamily properties, I became involved at an early age in the management, acquisitions, and value-add real estate sector. During my MBA summer internship at Lennar, I worked in San Francisco on multi-million-dollar adaptive reuse projects as a development analyst. Upon graduation I joined my family’s business and have grown MAGASI to what it is today, providing superior management services to our investor clients, institutional owners, and public municipalities.

PM: Tell us about MAGASI’s background and where the name comes from.

MB: MAGASI was founded by my parents and our company’s principals, Lisette and Victor Beraja. They created the word MAGASI, combining the names of their children – Maty, Gabriela, Sabrina and Isidoro – to form their first real estate LLC back in 1992. Thirty years later, MAGASI has grown to manage hundreds of units including market rate, short-term rental, and affordable senior housing in Miami Dade and surrounding counties.

PM: What services does MAGASI offer?

MB: Our property management services range from traditional multifamily, affordable housing, short-term rentals, and receivership. MAGASI works with a variety of clients – from first time and experienced real estate investors to institutional lenders, government entities, and luxury condo owners. Over the years, we have expanded our services to meet the needs of clients and offer everything from design and procurement to leasing and brokerage, acquisition analysis and due diligence, to property rehabilitation.

PM: As Director of Operations, what is your daily role in the company?

MB: I am involved in overseeing the entire operations for our corporate-owned and investor-owned portfolios. I love the flexibility my role has and the different skillsets it requires. Some days involve analyzing the performance of our properties with our team of managers and communicating with clients, while other days require higher-level thinking about the strategy and future of MAGASI.

PM: What are some of the ways that MAGASI provides value for their investor clients through property management?

MB: We provide value through our transparency, timeliness, and high degree of trust. We think of ourselves as having an institutional framework with a family-oriented approach. As real estate owners and operators for 30+ years, our perspective allows us to capitalize on value-add opportunities that the average investor wouldn’t think of, leading to better performance for the long-term. Our ability to execute quickly and remain true to our word is especially important to investors – now more than ever.

PM: What are some of the ways that MAGASI improves an investment property's performance over that of an owner operator?

MB: Our processes, policies, and people allow us to improve a property’s performance compared to a traditional owner operator. We have the existing infrastructure and relationships in place to stabilize properties in record time, incorporating modern design and services that residents desire. Owner-operators may often be complacent with the approach that “if something is working, don’t change it.” But in today’s fast-moving market, properties that do not advance to newer standards of functionality will fall behind. The ability to accommodate both long- and short-term renters can significantly improve a property's performance if done correctly. A typical owner-operator wouldn’t have the experience to convert a market rate unit into a fully-functioning Airbnb with a cleaning crew and 24/7 customer service in less than 2 weeks. Our approach to modernizing and improving assets attracts better tenants, higher rents, and increases performance.

PM: What are the keys to being a successful short-term rental operator in Miami?

MB: Our hospitality department is my personal favorite, by far! As five-star Superhosts with 100% response ratings and 0% cancellations, we’ve perfected our short-term management approach. We cater to clients by offering design, procurement, platform onboarding, booking management, concierge and cleaning services. The key to being a successful short-term rental operator is threefold: Accommodate, Anticipate, and Automate.

1. Accommodate all types of travelers from couples, families, digital nomads, medical tourists and weekend vacationers by providing essential household items, fast internet, and dedicated workspaces.

2. Anticipate your travelers’ needs and provide great customer service with 24/7 support to answer questions and provide recommendations.

3. Automate your listings with smart technology, key-less entry systems, and automated messaging to save time and improve travelers’ experiences.

PM: How have you seen rising prices change the market?

MB: Rising prices are leading to a rapid demand west of Miami’s coastline into surrounding cities and neighborhoods like Little Havana, Hialeah, and Westchester as renters can no longer afford places like Brickell, Downtown, and Edgewater. I know many cases of young professional renters in their 20s-30s that are unable to sustain the hikes due to such high demand. We’ve also seen a new sector of demand for mid-term renters, staying between 3 to 8 months in a fully furnished unit. Many of these renters sold their home while the price was high and now need a place to stay in the meantime. Others need a shorter, more flexible option while finding a permanent stay as they figure out a new work or living situation.

PM: Where have you seen greater client growth, the short-term rental market or the multifamily market?

MB: Both client sectors are growing rapidly. We have seen high growth in client investors from other US markets like California, New York, Atlanta, Phoenix, and Chicago coming to Miami and in need of a local, professional management company. The same holds true for investors from Latin America looking for bilingual management services, which MAGASI offers. We are uniquely positioned to offer clients both long- and short-term management services, benefiting from the upside in hospitality rates, yet hedging against a future correction.

PM: Is MAGASI looking to add any new markets or services in the near future? What ways is MAGASI looking to grow?

MB: MAGASI has grown tremendously over the last 2-3 years, catering to every type of investor from professional athletes, family trusts, municipalities, to business owners, doctors, and lawyers looking to diversify their assets. Our services have grown as we cater to every client’s needs from design to construction management and brokerage. I see MAGASI diving deeper into these service lines and forging stronger partnerships with big players in the market. Our clients are travelling farther north and west up the coast of Florida and MAGASI is there to continue providing our services.

PM: How has Miami changed since you started in the real estate industry?

MB: I distinctly remember entering the real estate industry with a college professor telling me it was a crazy idea to major in Real Estate, just as the market was recovering around 2012. But I was young and confident in Miami’s future as a hub for travelers and a desirable place to live and work. New Class A projects have raised the bar and transformed Miami’s reputation into the ultimate city to live, work, and travel. We’ve seen new product categories like co-living, apartment hotels built for short-term rentals, and even mixed-income buildings expand into the market. The massive investment in Miami’s infrastructure – highways, roads, high-speed rail, the Underline, etc. - will catapult the real estate market even further.

PM: Since you grew up in Miami what are some of your favorite restaurants in the area?

MB: The Miami restaurant scene has really elevated itself in the last two years with restauranteurs coming from all over the country, but my heart remains with those restaurants that have grown with Miami. I remember eating vegan carrot cake at the first Pura Vida in South Beach almost every weekend, well before they opened their tenth location to date. I have also loved watching Mister01 quickly expand throughout the market. At the end of the day, I’ll take any excuse to eat some great sushi, from a casual night at Matsuri to an elevated evening at Kuro at the Hard Rock Hotel. Some new restaurants that I’m fond of are MILA and Abbale Televivian Kitchen.

PM: What does the future look like for MAGASI?

MB: The future of MAGASI is extremely bright. We pride ourselves on our humble beginnings and are continuing to grow our team, portfolio of clients, and project pipeline. You will be seeing big things from MAGASI as we expand into development and we look forward to partnering with even more businesses, municipalities, and professionals in the real estate sector to make Miami the best place to live, work, and create.

Nuveen Brings In Proptech Startup Lane To Manage Waterford Business District In Miami

Nuveen Real Estate­ has announced that they will bring in proptech startup, Lane, to manage the Waterford Business District in Miami. Lane will implement their workplace experience platform and mobile app at Waterford Business District which is one of the most prominent corporate office complexes in the Southeast U.S. Located near Miami International Airport, Waterford houses more than 100 multinational corporations and has one of the highest concentrations of regional and Latin American headquarters in South Florida. Waterford Business District is a joint venture between Nuveen and Allianz Real Estate

“Launching our technology across seven office buildings in the midst of a global pandemic was no small feat, but we were inspired by Nuveen’s commitment to creating a unified workplace culture within the District,” said Clinton J. Robinson, CEO and Co-Founder of Lane. “It’s not every day that you get to help revitalize one of the country’s leading corporate destinations, and we are very proud to help bring the future of work to Waterford.”

“We are excited to put an expanded digital and on-site amenity offering at the fingertips of our tenants,” said Chad Phillips, Managing Director, Head of U.S. Office & Portfolio Manager, Nuveen Real Estate. “We want the professionals in our buildings to have a go-to mobile-friendly source for building announcements, amenities, and programming. The app is also another avenue for tenant feedback. We want to facilitate clear, consistent communication with our tenants, and hear directly from them on how to provide the best workplace experience. This is a part of a programmatic initiative to engage with our tenants both onsite and online. This year we are rolling out tenant engagement apps at nearly 20 office buildings in our U.S. portfolio, with more digitization projects planned for years to come.”

Designed to transform the workplace into a thriving, connected ecosystem, Lane integrates building systems into a single, centralized and user-friendly digital platform. Lane streamlines all aspects of day-to-day office life for tenants and property managers alike, from room bookings and guest registration to maintenance, communications and tenant engagement, all optimized using data to drive insights.

At Waterford Business District, Lane’s web and mobile platform will help streamline per-building and District-wide communications and empower tenants to access new amenities and services with ease, including the free shuttle service, Freebee; bike-share program, Zybra; FlashParking, a smart-parking program exclusively for District tenants; and virtual yoga. 

In the midst of Covid-19, the Lane platform is also helping property teams coordinate efforts for their tenants amid the evolving global health pandemic by managing occupancy through room bookings, ensuring tenants feel safe through surveys and real-time feedback, sharing building and cleaning protocols, safety measures, and other important updates, engaging tenants remotely through virtual content, amenities, and events. 

“Formerly known as Waterford at Blue Lagoon, Waterford has been synonymous with the biggest businesses, not only in Miami, but in the Southeast U.S., for decades,” said Charles Russo, Senior Director, Southeast Regional Head, Office Americas, Nuveen Real Estate. “In 2019, we embraced the office park’s business-focused identity and re-emerged as Waterford Business District. Since then, we have invested significantly in capital improvements focused on setting a new standard as a cutting-edge hub for global business in Florida.” Russo added, “Our strategic partnership with Lane has now allowed us to bring our new amenities and services into one seamlessly connected platform where tenants can access everything the District has to offer from their computer or mobile device.”  

Waterford Business District is home to key players in healthcare, technology, manufacturing, transportation, finance, logistics, hospitality and insurance, as well as numerous local organizations and startups.