Coral Gables-based Shoma Group has taken over the development plans for a new 16-story apartment tower in Orlando’s Central Business District and rebranded it as 550 Shoma.

The building will rise on a 1.1-acre lot at 550 Mariposa St. that was entitled for a second phase of a condo project called Eola Place. It was previously under contract to New York-based Lexin Capital, which filed the new master plan in 2022 and worked with architecture firm Baker Barrios on the design of the building. The development plan calls for 223 residential units, a parking garage that can accommodate 425 vehicles and 17,160 square feet of commercial space on the ground floor.

Led by CEO and Chairman Masoud Shojaee, Shoma Group has a 30-year track record in South Florida that involves more than $5 billion in real estate transactions. This is the company’s first project in Orlando.

Shoma Group President Stephanie Shojaee said 550 Shoma will feature various options to cater to different lifestyles and preferences, and the company will introduce its Shoma Bazaar branded food hall to anchor the ground level retail. She said the Bazaar will be two stories with a the second floor being a bar overlooking an open terrace.

Construction will commence in the second quarter of 2024 with expected completion by 2026.

Source:  GrowthSpotter