Former HoJo’s to become luxury condo building

Miami /
Feb.February 05, 2014 11:15 AM

The developers of a luxury condo project at the former Howard Johnson’s hotel site on Fort Lauderdale Beach are launching sales this week.

Plans for Paramount Fort Lauderdale Beach include 95 condos priced from $1 million, the Sun-Sentinel reported. The hotel, which was severely damaged during Hurricane Wilma nine years ago, is scheduled to be razed on Feb. 23. Construction of the condo building is expected to start during the third quarter of 2014, with completion projected in the winter of 2016.

Encore Housing Opportunity Fund, a group led by Miami Worldcenter developers Art Falcone and Nitin Motwani, is behind the 18-story project. Fellow developer Daniel Kodsi is also involved. A Motwani-managed company paid $20 million for the two-acre property at 700 State Road A1A last spring.

The developers are requiring buyers to make down payments in three installments: 10 percent to reserve a unit, 10 percent to go under contract and 10 percent at groundbreaking. [Sun-Sentinel]Eric Kalis


Related Articles

arrow_forward_ios
Pacaso CEO Austin Allison and one of their Miami listings (Pacaso)
Second-home startup Pacaso expands into South Florida
Second-home startup Pacaso expands into South Florida
The assemblage in Flagler Village 
Flagler Village Opportunity Zone dev site hits market for $31M
Flagler Village Opportunity Zone dev site hits market for $31M
Castro Properties President Terri Keogh and one of the Wawa's (Castro, SRS Real Estate Partners)
Fill ’er up: Two South Florida Wawa gas station convenience stores sell for a combined $22M
Fill ’er up: Two South Florida Wawa gas station convenience stores sell for a combined $22M
Related Group's Jon Paul Perez and Jorge Perez with the New River Yacht Club apartments (Related)
Related Group sells downtown Fort Lauderdale apartments for $85M
Related Group sells downtown Fort Lauderdale apartments for $85M
Grand Hotel Fort Lauderdale and Sheridan Capital's Aaron Kurlansky (Facebook via Fort Lauderdale Grand Hotel)
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Aimco CEO Wes Powell and Laurent Morali, Charlie Kushner and Nicole Kushner Meyer of Kusher (LinkedIn via Powell, Kushner, Luarent Morali)
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Aimco partners on Kushner’s $700M project, scores two big loans in South Florida
Conrad Fort Lauderdale Beach developer on the hook for nearly $3M after losing lawsuit
Conrad Fort Lauderdale Beach developer on the hook for nearly $3M after losing lawsuit
Conrad Fort Lauderdale Beach developer on the hook for nearly $3M after losing lawsuit
Hélio Castroneves with the house (Getty, Compass via Coast Properties of S. Florida)
Hélio Castroneves parts with waterfront Fort Lauderdale home for $7M
Hélio Castroneves parts with waterfront Fort Lauderdale home for $7M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...