Shoma Group Wins October Extension in North Bay Village

Key Points

• Extended Deadline: Shoma Group, led by Masoud and Stephanie Shojaee, now has until October 31, 2025 to secure the master building permit for its Shoma Bay condo tower—the previous deadline was August 30.

• Developer Commitment: Shoma will contribute $1.5 million to North Bay Village in two $750K installments: one within a year of permit issuance, the other before project completion.

• Density & Height Push: The firm intends to request an amendment increasing density from 119 to 150 units per acre, adding approximately four floors (~40 ft) and 53 units. Fees for added density will apply. 

Shoma Group has just secured critical runway to keep its North Bay Village skyscraper alive: a permit extension to Halloween 2025 for Shoma Bay, the stalled 24‑story condominium tower. With site clearance underway and site work progressing, the developer is now setting sights on boosting both height and unit count—setting the stage for larger investor upside and reshaping project economics. 

Project Update

Timeline Extended

• The Village Commission voted 4–1 to extend Shoma’s deadline from August 30 to October 31, 2025. Mayor Rachel Streitfeld dissented, citing concerns over transparency.

• Until the permit is secured, millions in outstanding fees are delaying final sign-off. Per South Florida Business Journal, Shoma still owes over $8.3 million in fees, payable in installments by 2027.

Developer Financial Support

• As part of the extension deal, Shoma commits $1.5M in additional village contributions, split across two $750K payments. Timing: first within one year post-permit; second before topping out.

• Construction is starting under the existing approval while Shoma may later seek changes.

Density and Height Strategy

• Original plan: 24 stories, 333 condos (344 ft² studios to 2,700 ft² three-bedrooms), plus 10 townhouses.

• Planned amendment: Add ~53 units, lifting density from 119 to 150 units/acre, and potentially increasing height by ~40 feet (~4 floors).

• If approved, the project could rise higher and pack more units—though North Bay Village will collect extra fees charged for the increased density.

Anchors & Amenities

• The base tower includes a 37,000 ft² upscale Publix supermarket and nearly 16,000 ft² of retail, with a signed lease extension through at least 2027. Rumors of Publix pulling out have been denied.

• The sales gallery has shown units from approximately $750K to $5M, with luxe offerings like a private wine club, spa, Rolls-Royce house car service, and rooftop lounges—designed for high-earning investors and international buyers.

Why It Matters

• Investor Angle: More units and square footage could improve returns, while extension of permit timing stabilizes project execution. Extra fees are a cost but may be offset by additional sales inventory.

• Local Impact: Delayed progress and fee negotiations are under scrutiny from village officials. Any further amendments must pass scrutiny, and transparency remains key.

• Market Position: As North Bay Village shifts into development mode, Shoma Bay sets a standard. With international demand—especially from Latin American investors—project pricing and inventory count are strategically significant.

Shoma Bay’s permit extension through October 2025 buys critical time, and the proposed stretch in density and height could significantly enhance project scale. Investors should watch how Shoma balances fee payments, village scrutiny, and revised site economics. If the amendment succeeds, end‑2027 delivery may offer both bigger inventory and higher returns.