A new mixed-use project by Related Group and Shoma Group will meet rising demand for multifamily housing, retail and commercial product in Miami-Dade County’s fast-growing Doral community. The development will be located on 48-acres slated for development as Park Square at Doral, with plans to break ground later this year.
Blanca Commercial Real Estate President and CEO Tere Blanca represented Shoma Group in the transaction, teaming up with Robert Kaplan and Mark Rutherford of Ackman-Ziff Real Estate Group, LLC.
Park Square’s first phase is planned to break ground later this year and will include up to 400 multifamily residential units built on six acres fully-entitled for this use. The multifamily component will offer 1-, 2-, and 3-bedroom units in a six-story building with structured parking. The first phase will also include retail product ranging from upscale dining and entertainment, to local shops and anchor stores.
The mixed-use project will create a pedestrian-friendly environment for the Doral residential and business community, complementing the existing One Park Square at Doral building, which is home to 281,000 square feet of class A office space. The building is home to tenants including Amadeus North America’s corporate headquarters, The Latin Recording Academy (“Latin Grammys”), and Harley-Davidson Motor Company’s Latin America regional sales offices.
“The decision by the principals of The Related Group and Shoma Group to develop Park Square is another positive sign for the City of Doral and the west Miami-Dade real estate market,” said Tere Blanca, President and CEO of Blanca Commercial Real Estate.
With a commercial population that rises to more than 150,000 employees daily, the City of Doral has experienced significant growth in recent years. Its residential population increased by nearly 125% between 2000 and 2010 according to the U.S. Census, and the City is now home to more than 9,000 businesses, including several Fortune 500 corporations and regional headquarters. The City is also the hub of international trade in Miami.
“Related is extremely enthusiastic about Park Square’s potential, based on retail and residential demand drivers we see in the Doral market. This project will be a place truly worth visiting repeatedly as well as incredible destination to call home,” said Related Development President and CEO Steve Patterson.
“Shoma Group remains committed to offering a diverse selection of beautiful homes in great locations – and at a great value,” said Masoud Shojaee, President of Shoma Group.
Ms. Blanca added, “As far as developable sites go, it’s difficult to top this location, surrounded by major corporate headquarters like Carnival, Univision and soon, the Miami Herald. The location offers unmatched accessibility off Doral Boulevard, northwest 82nd Avenue and northwest 33rd Street, which provide direct access to South Florida’s major highways and Miami International Airport.”
In addition to the City’s thriving business base, residents are drawn to Doral’s strong quality of life. The community is home to multiple universities, A-rated K-12 public schools, shopping centers, and dining venues, and the world famous Doral Golf and Country Club. Forbes magazine has ranked Doral as one of the top two places to live in America, CNN Money included the City in a recent listing of the 100 communities with the best mix of business advantages and lifestyle appeal, and U.S. News & World Report ranked it among the top three places to retire in the nation.
The Park Square at Doral site was acquired by an LLC whose members are affiliates of The Related Group and Shoma Group. Park Square at Doral is located at 3470 NW 82nd Avenue, at the intersection of NW 36 Street (Doral Boulevard) and NW 82 Avenue and NW 33rd Street and NW 82 Avenue.
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