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

Last remaining parcel is part of a 1.8-acre assemblage

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.


Related Articles

Nick Bosa and a rendering of 30 Thirty North Ocean (Credit: Getty Images)

NFL player buys Fort Lauderdale Beach condo

Pierre Heafey, Heafey Group CEO and the Conrad Hotel (Credit: Booking)

Owner of troubled Fort Lauderdale hotel scores $63M refi

Dev Motwani wins approval for high-rise apartment building in Fort Lauderdale

New owners of embattled Fort Lauderdale hotel score $52M loan

Related Companies scores $140M refi for W Fort Lauderdale

Developer Dan Deitchman buys oceanfront lot in Fort Lauderdale Beach

Retail roundup: Trésor to open at Merrick Manor, The Gym bulks up in Fort Lauderdale Beach & more

Son of Salmar Properties founder buys penthouse at Auberge Beach