Shoma Group has plunked down $13 million for a tight cluster of parcels by Coral Gables’ historic Douglas Entrance and is moving ahead with Ponce 8, a proposed 16-story mixed-use tower under Florida’s Live Local Act. The plan pairs workforce-affordable apartments with ground-floor retail at a transit-friendly corner that developers have been quietly stitching together for years. The purchase and application surfaced in public records this week.
Reporter Brian Bandell of the South Florida Business Journal reports that Shoma closed on the assemblage for roughly $13 million and has submitted building plans to the city of Coral Gables. The outlet frames the move as another play in Shoma’s growing push along the Ponce de Leon and Douglas Road corridor.
Ponce 8 Would Stack Hundreds of Apartments Over Street-Level Shops
According to filings and project materials, Ponce 8 is planned to climb about 16 stories and deliver roughly 201 apartments, with about 40 percent of those units reserved as workforce-affordable for households earning up to 120 percent of the area median income. The plans also call for more than 18,000 square feet of nonresidential space plus an amenity deck, as outlined by Shoma Group. The Real Deal previously detailed the proposal and the various parcels Shoma has been assembling for the site over time.
How the Live Local Act Shapes the Application
Shoma is leaning on Florida’s Live Local Act to unlock incentives that allow more height and density when a project reserves a substantial share of its apartments as affordable. The state law, SB 102, created a package of tax and permitting incentives and other tools meant to spur affordable and workforce housing production, according to the Florida Senate. Legal and industry breakdowns have since mapped out clarifications and added benefits available to developers that hit the statute’s affordability benchmarks, as summarized by Bilzin Sumberg.
Next Steps for Approvals and Neighbors
Before any cranes rise, the plan still has to run the Coral Gables gauntlet of planning review, public hearings and any required bonus approvals. Shoma’s materials indicate the team also plans to seek the city’s Mediterranean bonus to stretch allowable density, according to Shoma Group. Local planners and neighborhood groups are expected to debate the trade-off between a fresh batch of workforce housing and a noticeable jump in building scale along the Douglas Road corridor, an area already seeing a run of proposals near the Metrorail station. The Real Deal earlier flagged the specific parcels Shoma has targeted as part of its assemblage.
We will be watching for new city filings and hearing dates as the proposal inches through review and will update this story when additional public documents or meeting notices appear. The site is listed in filings as 3850 SW 8th St in Coral Gables.
