Shoma Group is planning two new condominium towers at Oasis Park Square Doral, as well as another project on Northwest 36th Street, all aimed at meeting demand for those who want to live in Doral.
Masoud Shojaee, president of Shoma Group, said the two towers at Oasis Park Square will have 180 units each, priced from $460 to $470 per square foot. The 22-story buildings, called Oasis Condominiums at Park Square, will be located at Northwest 82nd Avenue and Northwest 34th Terrace, adjacent to CityPlace Doral. Sales are expected to launch in February, Shojaee told TRD.
“Demand is from extended families and companies that want a company condo,” he said.
Shoma is partnering with The Related Group to develop CityPlace Doral, a massive mixed-use project in the city known for its industrial warehouses and suburban housing communities. In July, the developers closed on a $136.9 million construction loan from Regions Bank for the project.
In addition to the two condo towers, CityPlace Doral will include 350,000 square feet of retail and more than 1,000 residences, including Oasis Park Square, with 150 homes, and 260 apartment rental units that are now under construction. They follow a first phase of 394 units that are 95 percent leased, Shojaee said.
Shoma and Related are among several developers aiming to transform Doral with more residential and retail options. Codina Partners’ Downtown Doral is a master-planned community that calls for eight to nine mid-rise condo towers, 70 retail stores and restaurants, and more than a million square feet of office space in four buildings along a new Main Street. Sergio Pino’s Century Homebuilders Group is also planning a mixed-use development, Midtown Doral, a four-phase development near the corner of Northwest 107th Avenue and Northwest 74th Street.
So far, CityPlace Doral’s retailers include Fresh Market, Pie Bar, Salsa Fiesta, Kings bowling alley, Mixtura, Angelo, Tommy Bahama-Island, Cooper’s Hawk, Burger & Beer Joint, Sushi Siam, Cabo Flats and CineBistro Theatre. The retail component was designed by Arquitectonica. To date, more than 80 percent of the retail space is leased, and stores will begin to open in October 2016, Shojaee said.
Shoma is also planning another project in Doral, on Northwest 36th Street and Northwest 95th Avenue, in front of Univision’s headquarters. The company is currently seeking approvals for an as-yet-unnamed, seven-story building with 230 condo units and 70,000 square feet of retail space. Shoma, which is developing the project without partners, plans to launch sales this summer, Shojaee said.
“The idea is we want to transform 36th Street to more of a retail [corridor], with retail on the first floor and residential on top,” he said. “We want to give a new image to the city of Doral.”
Source: The Real Deal