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.

Shoma Group Reveals Elevated, New Look Renderings Of Shoma Bay In North Bay Village

Miami-based developer Shoma Group has unveiled a fresh new look to Shoma Bay, a 24-story, 333-unit condominium located in the exclusive waterfront community of North Bay Village. The new tower design seamlessly melds a classic art-deco aesthetic with a modern facade while adding community-minded amenities such as a zen garden, grocery delivery room, wine cellar, cigar lounge, and other dynamic features. With prices starting in the $450,000’s, Shoma Bay is built with a holistic approach to living and caters to those looking to integrate the live, work, wellness, and play lifestyle.

"Every detail and space has been maximized to bring owners a heightened level of comfort and practicality," said Masoud Shojaee, CEO and Chairman of the Board at Shoma Group. "We carefully curated this project to deliver a vibrant yet sophisticated experience in one of the world's most exciting cities."

The 2.8-acre mixed-use development will offer furnished studios to three-bedroom units, ranging from 344-square-foot to 2,700-square-foot, with each floor plan designed to maximize efficiency and comfort. The project will be anchored by a 35,037-square-foot Publix and 6,325 square feet of retail space, which includes a rooftop lounge and Shoma Bazaar food hall.

"With stunning views, convivial spaces to work or play, and exciting happenings from day to night, Shoma Bay is poised to become a cultural epicenter for its residents and locals," stated Stephanie Shojaee, President of Shoma Group. "We wanted to create a unique yet thoughtful concept, fusing together the local landscape with the quality our company is known for. We teamed up with incredible partners to bring the overall design, and we're looking forward to becoming one of the most sought-after destinations in Miami."

Renowned designer Adriana Hoyos created practical interiors, including all common areas and residences, with sleek design finishes and warm organic tones, allowing each residence to be flooded with natural light.

Ideally situated at 79th Street Causeway and East Treasure Drive, the pedestrian-friendly destination is located near all major highways and the hottest restaurants and retail South Florida offers. ISG World, led by principal and owner Craig Studnicky, is the exclusive brokerage for the property's condos.

Intending to provide residents with an exceptional living experience, Shoma Bay also features several upscale amenities, including a resident lounge and bar, spa, Hammam, golf simulators, fitness center with Technogym equipment, pet spa, and kids club, as well as a 6,030-square-foot pool deck with panoramic water views overlooking Biscayne Bay with a pool, cabanas, and summer kitchen. Additional elements include a library, a 2,600-square-foot coworking business lounge, a lounge with a coffee bar and areas for gaming and movie watching, assigned gated parking, electric vehicle charging stations, a designated bike room, and storage spaces.

Shoma Bay is designed by MSA Architects and is located at 1850 John F. Kennedy Causeway in North Bay Village. It is slated to break ground in the summer of 2023 and is expected to take 18 months to complete.

Electra America and BH Group Reveal Plans for $1 Billion Redevelopment of 80-Acre Southland Mall Site In Cutler Bay

Electra America, a real estate private equity firm focused on value-add and opportunistic investment in the Sun Belt region of the U.S., along with its U.S.-affiliate, American Landmark, and BH Group, a Miami-based private real estate investment and development firm, have revealed preliminary plans for the redevelopment and reinvention of the Southland Mall in Cutler Bay, located approximately 20 miles south of downtown Miami. The 80-acre, $1 billion redevelopment will be one of the largest projects of its kind in the Southeast and will be called “Southplace City Center.” The reinvention of the Southland Mall into “Southplace City Center,” a vibrant, mixed-use transit-oriented community with live-work-play options, promises much-needed relief for a city suffering from a major housing shortage

The new ownership team envisions a “city within a city” for living, working, shopping, and playing that will feature more than 4,000 residential units, over 500,000 square feet of curated retail, and exciting dining and entertaining venues at the existing mall, with an additional 150,000 square feet of prime retail space and outparcels for food and beverage operators. The phased redevelopment project will be a charming, self-contained community with abundant green space, bike and golf cart trails, walking trails, a trolley system, and easy access to public transit – specifically, the soon-to-open Miami-Dade SMART Plan mass transit route adjacent to the property.

The total project, to be completed over a seven-year time frame, is expected to create approximately 2,700 new jobs and generate $44 million in property taxes ad valorem revenue in the first five years ($6.1 million to Cutler Bay), and up to $491 million ($75.2 million to Cutler Bay) over a 20-year period. The developer’s plan is in accordance with the Town’s code and will not be seeking any special approvals.

“We’re delighted to work with the Town of Cutler Bay and its residents to breathe new life into a property that has been underutilized for decades, and in so doing, create thousands of new jobs, as well as help alleviate the housing crunch facing many Miami-Dade residents today,” said Ron Gaither, Chief Development Officer of Electra America. “Southplace City Center will provide a wide range of market-rate housing options, and its location close to major thoroughfares and mass transit, yet away from residential communities, minimizes traffic and facilitates the use of public transportation – two key priorities for this community. We’re looking forward to continuing working with the community to ensure this project reflects the values and character of Cutler Bay.”

“The future of this site is one that our residents deeply care about,” expressed Town of Cutler Bay Mayor Tim Meerbott. “Ensuring that this project aligns with our community’s vision and has a proper mix of use is extremely important to the Town Council and me. The site is ready for change and this project will check so many boxes on our community’s wish list—thousands of jobs, more restaurants, entertainment, and a fresh look, to name a few. We look forward to working with Electra America and BH Group to bring this important project to life, while keeping it consistent with the character of our beautiful Cutler Bay.”

The development team acquired the mall and adjacent parcels totaling 80 acres in May of this year. The site is conveniently bordered by the Florida Turnpike on the east and U.S. 1 on the west, placing it on major commercial crossroads in suburban Miami-Dade County, directly along the new South Corridor Rapid Transit Project, expected to open in late 2024. The corridor will provide a 20-mile mobility connection between Miami’s central business district and the County’s southern-most communities.

Specifically, the developer’s master plan calls for updating the existing 808,766-square-foot mall with cosmetic improvements and the addition of several new high-quality retailers; the phased development of 4,395 new market-rate apartments catering to a full spectrum of household budgets; the addition of several new retail and restaurant concepts, situated around a series of man-made lakes and open spaces; a new specialty grocer, a 150-key hotel, and 60,000 square feet of medical office space; and a terraced community amphitheater/bandshell. The plan also calls for a new vehicular entrance directly off U.S. 1, featuring a welcoming entrance square with a large fountain and extensive green space, along with a pedestrian bridge connecting the community to the new bus rapid transit stop. The entire community will feature bike and golf cart paths, pedestrian walking trails, and trolley stops to minimize the use of cars.

Ground-breaking on the first residential building is expected in mid-2023 and would deliver in approximately 18 months (early 2025), with rents starting at $2,500.

The project design team for Southplace City Center includes economic advisors Florida Economic Advisors, retail consultants CPH, master planner/designer MSA Architects Inc., landscape planner Insite Studio and civil/traffic engineer Kimley Horn.

Renderings via MSA Architects

Shoma Group Launches Condo Sales At Shoma Bay In North Bay Village

Miami-based developer Shoma Group has launched sales for Shoma Bay, a 21-story, 327-unit condominium on the corner of the 79th Street Causeway and East Treasure Drive in the waterfront community of North Bay Village. The 2.8-acre mixed-use development will be anchored by a 36,068-square-foot Publix and 6,325 square feet of retail space, which includes a rooftop lounge and a Shoma Bazaar food hall. ISG World, led by principal and owner Craig Studnicky, is the exclusive brokerage for the property’s condos. Prices start at $400,000.

“North Bay Village is an extremely desirable location in Miami thanks to its fantastic water views on all sides, rich history and proximity to the beaches, the Design District and Bal Harbour,” said Masoud Shojaee, CEO and Chairman of the Board at Shoma Group. “There is incredible demand to live in South Florida and we are meeting this demand by creating brand new condos and a city-within-a-city community where residents will have top notch dining, shopping and entertainment at their doorstep.”

The condominiums at Shoma Bay will range from 360-square-foot furnished studios to 1,447-square-foot three-bedroom units. They will offer striking water views of Biscayne Bay, modern appliances with sleek finishes, and floor plans designed to maximize efficiency and comfort, as well as close proximity to nearby shopping, dining, and school options. Amenities at Shoma Bay include a resident lounge and bar, spa, fitness center with Technogym equipment, pet spa and kids club, as well as a 6,030-square-foot pool deck with panoramic water views overlooking Biscayne Bay with a pool, cabanas, and summer kitchen. There also will be a library, a 2,600-square-foot coworking business lounge, a sky lounge with a bar and areas for gaming and movie watching, assigned gated parking, electric vehicle charging stations, a designated bike room, and storage spaces. The Shoma Bazaar food hall will also be surrounded by bay views for a stunning dining setting.

“Miami is seeing an incredible demand for communities offering new, highly amenitized, and high-quality condos with views of the Biscayne Bay and Atlantic Ocean,” said Studnicky. “Shoma Group has a proven track record of identifying underappreciated and undervalued submarkets and meeting demand with brand new, thoughtfully designed communities that attract new life and investment. North Bay Village has long been one of Miami’s best kept secrets and we’re already seeing a surge of buyers who are extremely eager to be part of it.”

Shoma Bay was designed by MSA Architects with interiors by renowned designer Adriana Hoyos. Both designers worked with North Bay Village’s historic legacy and art-deco style in mind, paying homage to its popular restaurant and nightlife scenes in the 1950s and 60s. It will rise on the site of what once was Rat Pack crooner Dean Martin’s nightclub in the 1960s and 70s.

"North Bay Village has a rich history that's just one facet of what makes it so unique, and we are thrilled to have a hand in its next chapter,” said Stephanie Shojaee, President of Shoma Group. “We are excited for Shoma Bay to offer not only an exceptional place to live but also an essential amenity with fantastic dining and entertainment experiences for all residents of North Bay Village to enjoy."

Shoma Bay is located at 1850 John F. Kennedy Causeway, North Bay Village, FL 33141. It is slated to break ground early next year and take 18 months to complete.

Renderings via Shoma Bay

Shoma Group Acquires 2.5 Acre Transit-Oriented Site in Coral Gables To Develop Shoma One Mixed-Use Multifamily

Miami-based developer Shoma Group has announced its latest acquisition, a 2.5-acre site at 3650 Bird Road, currently home to Deel Volvo, near Coral Gables for $34 million. It will be the site of Shoma One, a mixed-use project with a 391-unit apartment community and a Shoma Bazaar food hall. The development is expected to cost $220 million to build.

“Miami is more popular than ever and the robust demand for housing that we’ve seen over the last couple of years is here to stay,” said Masoud Shojaee, Shoma’s CEO and chairman of the board. “This location is ideally positioned between Coral Gables and Coconut Grove, with the bustling entertainment and dining scenes of Miracle Mile and CocoWalk just a short drive or bike ride away. We are very happy to bring this live-work-play mixed-use project with upscale apartments and fantastic amenities, including a Shoma Bazaar, to this thriving area.”

Designed by MSA Architects, Shoma One will comprise of two 18-story towers. It features thoughtfully designed amenities–a signature of Shoma's multifamily projects–including a bowling alley lounge, child daycare, 1,161-square-foot yoga and spinning studio, dog park, co-working café, rideshare lounge for awaiting Ubers and Lyfts, and a spa with steam room, sauna and massage rooms. Each tower will have a rooftop sky lounge on the 18th floor, where residents can take in expansive views of Coconut Grove extending all the way east to Biscayne Bay, as well as its own lobby and secure mail and package room.

Atop the eight-story gated parking garage it will have a 2,500-square-foot state-of-the-art fitness center, a club room, and a pool and pavilion with an outdoor grill, water features and lounge areas equipped with large projection screens for viewing parties.

A bicycle-friendly development, Shoma One will also have a designated bike room for storage with a repair station for conveniently performing light maintenance. The site appealed to Shoma because of its proximity to the Metrorail and the Underline. Shoma One’s courtyard will link to the linear park, giving residents direct access to its lush green landscaping and cycling and running paths.

The apartments will be stylish and modern, with upgraded finishes and tech-savvy details for seamless living, including biometric fingerprint door entries for keyless, secure access. They will range in size from 375-square-foot micro studios, which will be furnished with space-efficient convertible furniture, to 1,400-square-foot two-bedroom units. There will also be seven two-story live-work residences, which allow for separate office and bedroom spaces on each floor, ranging from 1,344 to 1,400 square feet.

Michael Fay of Avison Young was the agent representing the seller, Deel Volvo, in the transaction. Shoma One is scheduled to break ground in January 2023 and is expected to be completed in 18-24 months.

Affiliated Development Closes On $53 Million Loan And Begins Construction On West Palm Beach Workforce Housing Project

Fort Lauderdale-based Affiliated Development has started construction on the highly anticipated mixed-income workforce housing project, The Grand, after closing on financing. The Grand was capitalized by a $53 million first mortgage from Bank United and an investment from Affiliated Housing Impact Fund, LP and a private family office.

Located in downtown West Palm Beach between 2nd and 3rd Street along Rosemary Avenue, The Grand is walking distance to the city’s newest office complexes, shopping, dining, and entertainment venues, as well as the Brightline and Tri-Rail stations. Fit with luxury finishes, features and amenities, the 8-story building will offer 301 one and two-bedroom apartments and 9 three-bedroom townhomes with ground floor commercial space.

The Grand is being constructed by Moss & Associates and was designed by MSA Architecture. Expected completion is slated for Spring 2023.

The Grand celebrates a successful collaboration between public and private entities to address both redevelopment and housing. In December 2019, the West Palm Beach CRA and city’s Housing & Community Development department awarded the developer $15 million in various funding incentives to bridge the funding cap and help finance the project.

“Our goal is to work with our city and CRA partners to create a transformative project that ignites redevelopment activities within the CRA target area and increases the quality of life for the city’s residents,” says Jeff Burns, Co-Founder and CEO of Affiliated Development. “West Palm Beach’s leadership and staff have been amazing to work with, and we are excited to play a role in this city’s evolution.”

The project will offer downtown class-A living and rents the average resident can afford. As part of the city and CRA funding incentives, the developer agreed to restrict 2/3 of the units at various income levels starting at 80% of AMI.

“Affiliated Development’s $81 million investment into the city’s historic Northwest community represents the single largest private investment in this neighborhood’s history and will deliver much needed workforce housing for our city’s residents,” said West Palm Beach Mayor Keith A. James. “This project supports the city’s efforts to build stronger neighborhoods and to provide better connections for residents between their home and their job.”

The project supports Mayor Keith James’ “500 in 3” initiative, an effort to create 500 workforce and/or affordable housing units in West Palm Beach within three years.

West Palm Beach is experiencing a wave of new residents and economic development as the city is quickly becoming a prime financial center for firms relocating from New York and other U.S. markets.

“Recent job growth has exacerbated the housing need,” explains Nick Rojo, Co-Founder and President of Affiliated Development. “As a longtime resident, it’s especially meaningful for me to help deliver such an impactful and transformative project to the city.”

In December 2020, Affiliated Development announced the successful closing of their $125 million housing impact fund to capitalize the company’s projects and tackle the region’s workforce housing crisis, largely comprised of local public pension plans. Affiliated Development has found a niche in public-private-partnership development and have over one-thousand workforce units in the pipeline throughout South Florida.

Turnberry Associates and LeFrak Organization Lock Down $32 Million Construction Loan For SoLé Mia

Turnberry Associates, led by Jackie Soffer, and the LeFrak Organization, led by Richard LeFrak, have locked down a $32 million construction loan for the 187-unit Villa Solé at the $4 billion SoLé Mia mixed use masterplan in North Miami. The loan was provided by JP Morgan Chase Bank. Villa Solé is a 187 unit, 6-story multifamily building designed by MSA Architects with interiors by KDS Interiors. The building topped off Q1 2021 and is expected to be delivered Fall 2021. The developers have also planned another 190-unit multifamily building Villa Laguna.

In March 2019 the first residential tower at SoLé Mia, The Shoreline, was delivered. The SoLé Mia masterplan includes 12 towers, 500,00 SF of retail and commercial space, a 225,000 SF University of Miami Health Center, all anchored around South Florida’s first 7-acre Crystal Lagoon, Laguna Solé, at the $4 billion, 184-acre master-planned community, SoLé Mia. SoLé Mia will ultimately be a 183-acre master-planned community with the entire development expected to take over 10 years to complete. In total SoLé Mia will feature 4,300 residential units, retail, entertainment and recreation.

TimeEquities Launches Leasing For Resort-Style Development CasaMara In West Palm Beach

Global real estate firm Time Equities, Inc. (TEI) has officially launched leasing at CasaMara, a mixed-use, resort-style development located in the heart of the El Cid neighborhood and the Antique Row District in West Palm Beach, Florida. The project features a total of six low-rise buildings made up of 300 class-A apartments, a 16,000-square-foot clubhouse, as well as an additional 16,000 square feet of retail shops called The Plaza at CasaMara, all of which will spread out over 10 acres of land.

Construction is well underway at 3111 South Dixie Highway and is slated to deliver completed homes in three phases. The first 100 units along with the clubhouse, which houses many of the amenities offered at CasaMara, will be completed by early fall 2020. The following two phases will be completed in winter 2020 and spring 2021, respectively.

MSA Architects are responsible for both the site planning and the distinct Spanish-Eclectic style architecture of the development. ID and Design International designed clean, stylish home interiors with modern finishes such as bright kitchens, large balconies, smart home features, and full-size washers and dryers. Kitchens have been furnished to have white quartz countertops, white subway tiles backsplashes, and stainless-steel Samsung appliances. Other home features include oversized showers and windows, elevators in buildings, access-controlled building systems, and best-in-class acoustics designed with noise reduction.

Units range from studios to three-bedrooms, with pricing starting at $1,726. Lincoln Property Company, the second-largest multifamily management company, is handling CasaMara’s leasing and marketing.

“We currently have over 700 prospective renters on our VIP list thus far, and we are very excited about the incredible interest we’re seeing in the project,” said Stefane Spano of Lincoln. “This development offers an unmatched amenities package for the marketplace and is located in an exceptional, convenient area that is minutes away from Downtown West Palm Beach.”

CasaMara’s amenities, also designed by ID and Design International, were created to give tenants a luxury lifestyle experience. These include a resort-style pool with private cabanas, a pool pavilion building with grilling stations and a 60-foot water wall, a Jacuzzi with therapeutic jets, a co-working lounge with private offices and complimentary WiFi, a state-of-the-art fitness center, a bark park, a game room with billiards and Wii Stations, a club room with art lounge and fireplace, dining facilities for private parties. There is also a full suite of children’s amenities including a kids pool, an air-conditioned playroom, and an outdoor playground.

“CasaMara presents an opportunity for residents to have everything at their fingertips – resort-style amenities, shops, and restaurants, all steps from their front door,” said Robert Singer, Director of Development at Time Equities. “We are offering an all-inclusive, unparalleled living experience in an area that continues to evolve with exciting cultural additions and modern retail and office complexes.”

The Plaza will provide an inviting environment for the community and shoppers alike with its on-street parking, wide sidewalks with shade trees, lush landscaping, outdoor seating, and a corner park with fountains. Avison Young will be handling the retail leasing and marketing for The Plaza, which is set to open in spring 2021.

CasaMara is conveniently located approximately 1.5 miles south of Downtown West Palm Beach and offers easy access to I-95, Palm Beach International Airport, and all the other splendors Palm Beach and Palm Beach County has to offer.

By Isabella Zimmermann

ZOM Florida and Invesco Real Estate Break Ground on Maizon at Brickell

ZOM Florida and Invesco Real Estate has broken ground on Maizon at Brickell after receiving a $52 million construction loan. Maizon at Brickell will be a Class A luxury high-rise which will feature 262 units. The project is walking distance fromMary Brickell Village, Brickell City Centre, Miami Avenue and Brickell Avenue.

“We are excited to partner with Invesco Real Estate on our first ever development venture together. Our project site has excellent pedestrian access to the numerous retail, entertainment, and employment locations available in Brickell, and is also convenient to downtown Miami via the multi-modal public transportation nearby. Maizon will bring a new level of quality, unit features and amenities to the burgeoning West Brickell neighborhood,” said Kyle Clayton, ZOM Florida’s Development Vice President. 

“We are very enthusiastic about the future of the Brickell neighborhood and the Miami market as a whole. Invesco Real Estate looks forward to working with ZOM to deliver a high quality product that will be distinctive in the market. We’re hopeful that the new relationship with ZOM will bring opportunities for future high quality investments benefiting our institutional clients,” said Evan Roth, Acquisitions Director at Invesco Real Estate.

The project will include an 8-story mid-rise and a 19-story high-rise connected at the parking structure. Units are expected to be delivered in Q1 of 2019. The developers originally purchased the property for $16 million. Maizon at Brickell will be designed by MSA Architects, Inc. and Moss is the general contractor on record.