Motwani in a pending deal with PMG to redevelop the Las Olas Riverfront
Dev Motwani’s Merrimac Ventures found a development partner for the Las Olas Riverfront, a 3.67-acre outdoor mall in downtown Fort Lauderdale.
Property Markets Group is in a pending deal to partner with Motwani on the waterfront redevelopment, according to the South Florida Business Journal. PMG principal Ryan Shear told the publication that he plans to close on the western portion, a 2.38-acre site closer to the train tracks, with a proposal to build 1,214 apartments, 40,000 square feet of retail and 1,944 parking spaces.
The two-phase redevelopment would be geared toward renters in their early 20s to 40, Shear told the publication, comparing it to the 300 Biscayne apartment tower now under construction in downtown Miami.
Motwani told The Real Deal last year that he was marketing the shopping mall for sale with CBRE. The riverfront opened in 1998, but later fell into foreclosure and is now mostly vacant. Under the new plans, the 244,656-square-foot center would be knocked down, and Motwani would keep the retail component along the western side. There, he’s considering plans for a lifestyle hotel with a residential component and more retail.
Fort Lauderdale’s development review committee will review the proposal next week. [SFBJ] – Katherine Kallergis