Dev Motwani paid $1.9 million for the development site of the new Flagler Village Hotel, Berger Commercial Realty said on Wednesday.
Broward County records show the 24,000-square-foot site, at 315 to 333 Northwest First Avenue in Fort Lauderdale, sold on Jan. 21 to 315 Flagler LP. Motwani has plans to develop the property into a 195-room hotel with retail space, amenities and 100 parking spaces. The 200,000-square-foot Flagler Village Hotel development is valued at $25 million.
Judy Dolan and St. George Guardabassi of Berger Commercial Realty represented the seller, the Curtis T. Bell Trust, according to a press release. The property is made up of four parcels that currently house a 4,100-square-foot office building and a parking lot. It’s in the Flagler Village neighborhood, which stretches from Broward Boulevard to Sunrise Boulevard, and from Federal Highway to the Florida East Coast Railway.
Also planned in the neighborhood is a dual-branded, 323-key hotel at 2999 North Federal Highway. The Wurzak Hotel Group, along with investor DoveHill, will develop the Element and Tribute. Wurzak began site work on the property at the end of last year.
Motwani has focused on the Fort Lauderdale market this cycle. He’s been involved with the waterfront Four Seasons Hotel and Residences, and said in September that he is considering selling the Las Olas Riverfront as a major redevelopment site in downtown Fort Lauderdale. And he is developing the Gale Hotel & Residences on the beach along with partners Newgard Development Group and Menin Hospitality. – Katherine Kallergis