Shoma Group Partners with Cosmo Developments on $410M Shoma Bay and UAE Expansion

Key Points

• $410 million valuation: Shoma Bay in Miami expands to 376 luxury residences, signaling major investor confidence.

• Global expansion: Miami-based Shoma Group partners with UAE’s Cosmo Developments, powered by Reportage Group, to launch projects in both the U.S. and Dubai.

• Phase Two: Marks Shoma’s first international development—a Dubai project modeled after its Miami flagship.

Miami’s Shoma Group, a 37-year-old development firm led by Masoud and Stephanie Shojaee, is expanding onto the global stage. The company has announced a partnership with Cosmo Developments, part of the UAE’s Reportage Group, to jointly develop projects spanning from North Bay Village to Dubai.

This collaboration underscores two strategic moves: the expansion and valuation growth of Shoma Bay in South Florida and the company’s first development in the UAE, exporting Miami’s lifestyle-driven design model to the Middle East.

Shoma Bay: Expanding Miami’s Luxury Market

The Shoma Bay project—originally 333 waterfront condominiums—has now been approved for 376 residences across 28 stories. Anchored by a 35,000-square-foot Publix, Michelin-starred dining, and curated retail, it is designed as a live-work-play destination overlooking Biscayne Bay. With a projected $410 million valuation, the development strengthens Shoma’s position as a leading force in South Florida’s luxury market.

Investor interest has been strong, reflecting the ongoing transformation of North Bay Village into one of Miami’s most active redevelopment corridors.

Global Ambition: From Miami to Dubai

The partnership with Cosmo Developments represents Shoma Group’s evolution into an international developer.

Phase One brings Cosmo in as a strategic partner in Shoma Bay, expanding its reach to global investors.
Phase Two introduces Shoma’s first overseas project, based in Dubai, where it will replicate its Miami-style luxury and community-driven design.

Cosmo’s parent company, Reportage Group, led by CEO Andrea Nucera, recently achieved record-breaking success with the $1.1 billion BRABUS Island project in Abu Dhabi, which sold out within 48 hours. The collaboration leverages Shoma’s experience in creating lifestyle-centered developments with Cosmo’s proven track record in the UAE’s high-growth markets.

A Legacy Built for Scale

Shoma Group has delivered over 11,000 homes and completed $6 billion in real estate transactions since its founding in 1988. Its current portfolio includes Shoma Bay, Ponce 8, and Shoma 550.

The company’s upcoming UAE debut will likely target Dubai’s waterfront luxury and branded residence sector, which continues to see strong foreign investment and record-setting sales in 2025.

Global Reach

The partnership between Shoma Group and Cosmo Developments signals a new era for both firms. By linking Miami’s high-end design and community-focused development approach with the UAE’s expanding luxury real estate market, the alliance establishes a foundation for long-term international growth. Investors can expect this collaboration to set new standards for cross-border, lifestyle-driven developments.