N.Y. developer Shahab Karmely takes on South Florida

New York developer Shahab Karmely is aiming his focus squarely on South Florida, assembling several properties for future condominium and mixed-use projects, with a desire to combine compelling architecture and aesthetic design. Karmely, founder and principal of New York-based KAR Properties, has purchased more than $100 million of real estate during the past two years in Hallandale, Wynwood and along the Miami River. In fact, the company’s primary focus has shifted from New York to South Florida, he said. “It’s a combination of loving the city and getting sticker shock in New York, and the timing of Miami and where it is going.” After living on several continents, the Iranian native said he finds Miami a place that is still maturing, offering the chance for renewal. “I am in Miami because I saw the opportunity there and fell in love with the city.