Masoud Shojaee, President and Chairman of the Board of the award-winning real estate development company, Shoma Group has earned a reputation as one of South Florida’s most trusted developers and has been a driving force behind the evolution of the now bustling city of Doral.
Established in 1988, Shoma Group has earned recognition for exceptional masterplanned communities that are mixed-use where residents can “live, play and work.” Masoud Shojaee is a super charismatic visionary who has been highly successful in developing innovative real estate projects. His latest venture includes an exclusive beach home development on South Beach called Eleven on Lenox.
Masoud Shojaee shares some of his views on the South Florida Real Estate market with our reader of Hola Latinos Magazine:
-How did you get started in the Real Estate development market? MS: When I came in 1978 to study I decided I would stay in Miami to live and work. I followed my father’s footsteps in real estate, followed his advice. I saw the potential in Miami, such a diversified city with different cultures so I decided to invest. Back in the day, it was mostly Latin buyers and now it is a combination of Latin, European and even as far as Asia.
-How many projects have you completed in Miami-Dade? And how many are currently underway? MS: I have completed numerous projects, but total I would say approx. 13,000 units of different types of residential units. I have built 3 office buildings and I am currently developing approx 600,000 square feet of retail space.
-You have been a visionary for the city of Doral and have received numerous awards for excellence, what sets you apart from other developers? MS: My ability to be innovative. I introduce unique products and projects. That is why I created the first mixed-use project In Doral. It is going to be the heart and soul of the City of Doral.
-What’s your secret to being a prize-winning developer? MS: I like to be a visionary and stay ahead of the game. I take risks others aren’t willing to take.
-You’re a driving force in the economic develop of Doral, do you have any future projects that will again positively impact the city? MS: The entire Park Square City Place has had an enormous impact on the City of Doral. Residents of Doral will no longer have to drive out of their city to get entertainment, great restaurants, and nightlife. Yes, I have another mixed-use project in the works which again will have a tremendous impact. I am defining the future of this great city, but especially on the corridor of 36th Street.
-What would you consider is your most outstanding projected development, and why? MS: All of them are outstanding; they are all unique in different ways. But If I have to pick I would pick my latest two. The first
one being my mixed use project in Doral which was created to be a ‘live, eat, and work’ concept. My second one I would say is my latest project which is an exclusive beach home development. It offers an exceptional design, great amenities, outstanding details located in Miami Beach. 11 on Lenox.
-Are mixed- used projects becoming a trend of the future? MS: Yes because the concept of multi-use is attractive to many buyers.
-How do you see the South Florida Real Estate market in the next five years? MS: I think the South Florida market, like any market, goes through its own cycle. But for sure it is one of the strongest markets for many reasons. Miami, for example, has become one of the hottest international cities in the world. It is the gateway to the Americas!! It has enviable weather, beautiful beaches, fabulous nightlife, and hosts the port of Miami amongst having much more amazing qualities.
-There is definitely a building boom in South Florida, do you think this will continue and for how long? MS: The south Florida market is always one of the best markets that attract interested buyers from all over the world. At this moment we are going through some adjustment in the market because we have an oversupply in some areas of south Florida.
-Where are the majority of the buyers coming from? Are they local or foreign investors? Are Latin Americans still investing heavily in the local real estate market? MS: We have buyers from all over the world. Europe, Asia, and of course Latin America. Few locals. Latin Americans are definitely still investing heavily.
-Are they buying more luxury properties? What are some of the “must have” features that buyers are looking for? MS: Yes, they buy luxury properties. Boutique products like 11 on Lenox are the strongest products which offer privacy, exclusivity, and luxury. Location and accessibility are also very important. Luxury surroundings, uncompromising bespoke design and
seamless integration of technology are all must haves.
-Do you think the outcome of the elections will have an effect on the real estate market? MS: That’s the million dollar question. Neither candidate has been clear about what real policy they have towards improving the economy. Makes it hard to say what impact they will have.
-What are some of the unique features of Oasis Park Square? MS: Exceptional, minimalistic design. Rooftop lifestyle with Jacuzzi and summer kitchen, glass enclosed wine cellars, high ceilings, smart homes wired with the latest technology and much more.
–and CityPlace Doral? MS: Amazing design, water features, having the first organic supermarket in Doral, movie theater, comedy club, retail, restaurants and much more.
-What are some of the unique features on Eleven on Lenox? When will they be ready for occupancy? MS: One of the current design tendencies in Miami is the integration of natural elements into a modern luxury design. Creating modern and minimal spaces with a touch of sophistication by using a variety of textures and colors elevated to an art form. This is what has been done in 11 on Lenox. They also each come with parking for 4 cars, a private pool on the roof terrace of each unit, and all include a very modern glass elevator. They will be ready for occupancy early 2018.
-What inspired you to buy Naiyara restaurant on South Beach? Do you have plans on opening any more restaurants? MS: I like different projects and different challenges. I knew having this restaurant would help me entertain my buyers at my place. And this motivated me to get involved with hospitality. It has become a very rewarding adventure. I would like to integrate the hospitality concept into my development business. We have been offered to expand our restaurant in different cities in the USA and even in Japan! We will open new restaurants in the near future.
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