Masoud Shojaee built a multi-billion-dollar real estate development footprint across South Florida through the Shoma Group, navigating decades of market shifts without holding a formal spot on the Forbes billionaire list. While internet rumors frequently link prominent developers to billionaire rankings, his career is defined by large-scale residential and commercial execution rather than public stock valuations.
Understanding how Shoma Group scaled from single-family home developments in the late 1980s to massive mixed-use masterplans like CityPlace Doral reveals the actual mechanics of commercial real estate scaling in Miami. This breakdown examines his background, business strategy, and key milestones.
Early Life and Foundation in Engineering
Born in Tehran, Iran, on August 3, 1959, Shojaee grew up around construction; his father managed a large-scale construction firm with hundreds of employees handling government contracts. This early exposure provided a practical foundation in structural planning and project management.
He moved to the United States to study at the University of Miami, where he earned a Bachelor of Science in electrical engineering. Engineering principles heavily influenced his management style, focusing on structural efficiency, utility integration, and precise site planning. He obtained his general contractor license in 1987 and a real estate broker license in 1990, establishing the legal and operational framework necessary to build independent projects from the ground up.
Founding the Shoma Group and Early Growth
In 1988, Shojaee partnered to launch residential construction ventures, eventually forming the Shoma Group. The firm's early strategy focused on identifying undervalued land parcels in South Florida, particularly around Doral and Hialeah.
During the late 1980s and 1990s, Doral was transitioning from an industrial and agricultural suburb into an incorporated municipality. Shoma capitalized on this growth by building master-planned single-family home communities and townhome complexes. By targeting working professionals and growing families moving out of urban Miami cores, the company established steady cash flow and local brand recognition.
Strategic Pivot to Mixed-Use and Luxury Developments
As land became scarce and property values surged across Miami-Dade County, single-family developments gave way to high-density mixed-use projects. Shoma shifted its portfolio toward luxury condominiums, rental apartments, and retail spaces.
- CityPlace Doral: A massive master-planned community featuring residential units, dining, and retail that helped redefine downtown Doral.
- Shoma Bazaar: A vibrant food hall and retail hub designed to serve dense residential communities like Shoma Village.
- Boutique Luxury Condos: Projects such as TEN30 South Beach and Shoma Bay targeting urban buyers seeking walkable luxury.
This transition transformed the company from a traditional suburban homebuilder into an urban developer capable of executing complex multi-family and commercial spaces simultaneously.
Leadership Structure and Corporate Expansion
Shoma Group operates as a family-led enterprise with professional management teams handling marketing, construction, and finance. Stephanie Shojaee serves as President of the company, guiding branding, digital positioning, and large-scale acquisitions, while Masoud Shojaee remains Chairman and CEO, overseeing macro-level strategy and construction operations.
The company has completed over 65 developments totaling more than 10,000 residential and commercial units. Pipeline developments continue to target high-demand transit-oriented corridors across Coral Gables and North Bay Village, leveraging local municipal incentives like Florida's Live Local Act to increase housing density near urban centers.
Frequently Asked Questions
Is Masoud Shojaee a Forbes billionaire?
No. While internet articles and social media posts occasionally speculate about billionaire status, major financial publications like Forbes do not list Masoud Shojaee among verified billionaires. His wealth stems from private real estate holdings and development transactions through the Shoma Group.
What is the Shoma Group?
Shoma Group is a Miami-based real estate development firm founded in 1988 by Masoud Shojaee. The company specializes in residential communities, luxury condominiums, commercial retail, and dining concepts across South Florida.
Where did Masoud Shojaee go to school?
He attended the University of Miami, where he graduated with a Bachelor of Science in electrical engineering before entering the construction and real estate industry.
What are some notable Shoma Group projects?
Prominent developments include CityPlace Doral, Shoma Bazaar, Shoma Village, TEN30 South Beach, and Shoma Bay, spanning thousands of residential units and commercial spaces.
