Former HoJo’s to become luxury condo building

Paramount Fort Lauderdale Beach rendering
Paramount Fort Lauderdale Beach rendering

The developers of a luxury condo project at the former Howard Johnson’s hotel site on Fort Lauderdale Beach are launching sales this week.

Plans for Paramount Fort Lauderdale Beach include 95 condos priced from $1 million, the Sun-Sentinel reported. The hotel, which was severely damaged during Hurricane Wilma nine years ago, is scheduled to be razed on Feb. 23. Construction of the condo building is expected to start during the third quarter of 2014, with completion projected in the winter of 2016.

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Encore Housing Opportunity Fund, a group led by Miami Worldcenter developers Art Falcone and Nitin Motwani, is behind the 18-story project. Fellow developer Daniel Kodsi is also involved. A Motwani-managed company paid $20 million for the two-acre property at 700 State Road A1A last spring.

The developers are requiring buyers to make down payments in three installments: 10 percent to reserve a unit, 10 percent to go under contract and 10 percent at groundbreaking. [Sun-Sentinel]Eric Kalis