Dev Motwani buys Fort Lauderdale dev site for $14M

Motwani is considering resi, retail and hotel uses for the site

TRD MIAMI /
Sep.September 30, 2020 02:30 PM
Dev Motwani & 317 North Federal Highway

Dev Motwani & 317 North Federal Highway

Developer Dev Motwani bought a development site in Fort Lauderdale’s Flagler Village for $14 million.

A Merrimac Ventures affiliate closed on the properties at 317 North Federal Highway and 515 Northeast Third Street, property records show. J & C Fox Family LLC and Joel Fox Inc., tied to Joel and Camille Fox, sold the buildings. They’ve owned the land since at least 1982.

The Fox family provided $9.6 million in seller financing for the property.

Motwani plans to redevelop the assemblage, but hasn’t decided yet what he will build. He said he’s considering residential, retail and possibly a hotel for the site.

Adam Tiktin and Alejandro Snyder of Tiktin Real Estate Investment Services brokered the deal.

The 1.75-acre site includes a Greyhound bus stop as well as a two-story retail building that is currently occupied by a Sherwin-Williams. The properties were built in 1960 and 1985.

Motwani was one of the sellers in a $63 million sale of land in Fort Lauderdale to developer Vlad Doronin’s OKO Group.

Motwani said the sale of that land and the purchase in Flagler Village was a 1031 exchange.

Earlier this year, Motwani secured a $10.4 million loan for a self-storage and retail project, also in Fort Lauderdale.






Related Articles

arrow_forward_ios
Mike Napoli and 2501 Delmar Place (Getty, Coldwell Banker)

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
John Moran Jr. and 5 Isla Bahia Terrace, Fort Lauderdale

Warehousing CEO pays $8M for waterfront Fort Lauderdale house

Warehousing CEO pays $8M for waterfront Fort Lauderdale house
Kolter’s Bobby Julien and a rendering of the project (Kobi Karp)

Kolter wins approval for oceanside Fort Lauderdale condo development

Kolter wins approval for oceanside Fort Lauderdale condo development
Michael Wekerle & 1000 Riviera Isle Drive (Credit: Google Maps and Isaiah Trickey/FilmMagic via Getty Images)

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
100 Las Olas & Pietro Belmonte, Marc Brandt, Gigi Giusti

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties
Grant Cardone

Lawsuit seeking class action status accuses Grant Cardone of misleading investors

Lawsuit seeking class action status accuses Grant Cardone of misleading investors
arrow_forward_ios

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

Loading...