Motwani closes on Fort Lauderdale beach site, resells to Fort Capital

Last remaining parcel is part of a 1.8-acre assemblage

TRD MIAMI /
Jul.July 07, 2015 09:45 AM

Tropic Cay Hotel and Dev Motwani

Updated, 2:30 p.m., July 8: Tropic Cay Hotel, a 43-key property in Fort Lauderdale Beach, traded hands to Dev Motwani for $10 million, Broward County records show. The resale to Fort Partners has not yet been recorded.

MW Lauderdale, a company led by Dev Motwani, closed on the 23,441-square-foot building at 529 North Fort Lauderdale Beach Boulevard, according to county records. Motwani, who owns the remaining 1.2 acres on the block, is selling the entire 1.8-acre block to Miami-based Fort Partners, a Fort Partners spokesperson told The Real Deal.

The property is part of the planned Four Seasons Hotel and Residences, at 521-529 North Fort Lauderdale Beach Boulevard, according to the spokesperson. The Four Seasons in Fort Lauderdale launched presales in February.

According to a statement provided to TRD, Fort Partners bought the entire site from Motwani this week. The company is the sole developer of the Four Seasons, which will break ground at the end of this year.

Jack Latrobe sold the remaining parcel at 529 North Fort Lauderdale Boulevard. The 24,359-square-foot lot fronts A1A and Windamar Street, and is within walking distance of the W Fort Lauderdale, the Hilton Fort Lauderdale Beach Resort and the Conrad Fort Lauderdale Beach. It was constructed in 1962.

Motwani, who grew up in a motel his family owned in Fort Lauderdale Beach, is active in the area. The developer is working on projects such as the Gale Boutique Hotel & Residences and redevelopment of the Las Olas Riverfront.

Fort Partners is also developing the Surf Club Miami Beach.

 

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