Shadi Shomar, Partners Plan Workforce Units in Miami-Dade
Shadi Shomar, co-founder of luxury hotel firm, Arte Hospitality, and his partners want to build a 159-unit workforce multifamily complex near Homestead.
Shomar and Gonzalo De Ramon propose a pair of four-story buildings on a 3.5-acre site they have under contract for $4.3 million on the southwest corner of Southwest 296th Street and South Dixie Highway, according to the developers and their application filed to Miami-Dade County last month. Panama City, Florida-based Royal American Construction, led by Joey Chapman, also will partner on the project, Shomar and De Ramon told The Real Deal.
The $46.5 million project, called Regatta Point, will offer one- to three-bedroom units targeting households earning roughly 100 percent to 140 percent of Miami-Dade’s area median income, according to the application and Shomar. The county AMI is $74,700 annually, the Florida Housing Finance Corporation shows.
Records show that married couple Jeffrey Jay Butt and Ana Maria Butt, as well as Kathryn Ann Smith, own the property. The site, at 16300 and 16360 Southwest 296th Street, consists of vacant lots, an 8,000-square-foot light manufacturing facility and a single-family house.
Construction is expected to start late next year, the developers said.
Regatta Point will mark the second south Miami-Dade project by Shomar and De Ramon. The pair, through their Onyx Housing Group, plan to start construction of a 337-unit Princeton Gardens apartment complex at 24000 Southwest 127th Avenue in the Princeton neighborhood.
Shomar, who leads Miami-based Arte Hospitality with Renata and Cesar Giovannini, is pursuing the south Miami-Dade projects separately from the luxury hotel firm. Arte owns the Bentley Hotel South Beach condo-hotel at 510 Ocean Drive in Miami Beach.
Developers have homed in on south Miami-Dade largely because the area offers a healthy supply of land that comes at a discount compared with developable sites in Miami’s urban core.
South Miami-Dade includes the Homestead and Florida City municipalities. Aside from Princeton, other neighborhoods include Leisure City, Naranja and Goulds.
Miami-based homebuilder Lennar has proposed multiple projects in the area. Last month, it filed applications for a 158-unit condo project with 97 homes on the northeast corner of Southwest 232nd Street and Southwest 112th Avenue, as well as for a 114-unit condo project at 12420 and 12400 Southwest 248th Street in Princeton.
In August, Jacksonville-based Vesctcor proposed a 590-unit affordable housing development on the northwest corner of South Dixie Highway and Southwest 280th Street in Leisure City.
