Shadi Shomar, co-founder of the luxury hotel company Arte Hospitality, along with his partner Gonzalo De Ramon, have proposed the development of a 159-unit multifamily complex for the workforce near Homestead.
The plan entails constructing two four-story buildings on a 3.5-acre parcel, currently under contract for $4.3 million, situated at the southwest corner of Southwest 296th Street and South Dixie Highway. This venture will be in collaboration with Panama City-based Royal American Construction, led by Joey Chapman, as revealed by Shomar and De Ramon.
Dubbed “Regatta Point,” the $46.5 million undertaking will feature one- to three-bedroom units, designed to cater to households earning approximately 100 percent to 140 percent of Miami-Dade’s area median income. According to Shomar and the application, the county’s AMI stands at $74,700 annually, according to data from the Florida Housing Finance Corporation.
Property records indicate that the ownership of the site, located at 16300 and 16360 Southwest 296th Street, lies with the married couple Jeffrey Jay Butt and Ana Maria Butt, as well as Kathryn Ann Smith. The area comprises vacant lots, an 8,000-square-foot light manufacturing facility, and a single-family house.
Construction is slated to commence in the latter part of the upcoming year, according to the developers.
This marks the second project in south Miami-Dade for Shomar and De Ramon. Through their venture, Onyx Housing Group, they are planning to begin construction on a 337-unit Princeton Gardens apartment complex at 24000 Southwest 127th Avenue in the Princeton neighborhood.
Shomar, who leads the Miami-based Arte Hospitality alongside Renata and Cesar Giovannini, is pursuing these south Miami-Dade projects independently from the luxury hotel firm. Arte currently owns the Bentley Hotel South Beach condo-hotel at 510 Ocean Drive in Miami Beach.
Developers have shown keen interest in south Miami-Dade due to the ample supply of land available at more affordable rates compared to developable sites in Miami’s urban core. South Miami-Dade encompasses municipalities such as Homestead and Florida City, along with neighborhoods like Princeton, Leisure City, Naranja, and Goulds.
Notably, Miami-based homebuilder Lennar has proposed multiple projects in the area, including a 158-unit condo project with 97 homes on the northeast corner of Southwest 232nd Street and Southwest 112th Avenue, as well as a 114-unit condo project at 12420 and 12400 Southwest 248th Street in Princeton.
In August, Jacksonville-based Vesctcor also put forth a proposal for a 590-unit affordable housing development on the northwest corner of South Dixie Highway and Southwest 280th Street in Leisure City.
