Dev Motwani has seen his hometown of Fort Lauderdale come of age. And, to an extent, he has helped it get there.
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Motwani's firm, Merrimac Ventures, is involved in more than half a dozen hotel and multifamily projects in Fort Lauderdale and the surrounding area, including The Gale Hotel & Residences project now underway.
“I grew up in Fort Lauderdale, so I know the market very well, and I have a good sense on where it is going,” Motwani said, just days before he is set to appear as part of a market trend panel at Bisnow's Fort Lauderdale State of the Market event.
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And for Motwani, that sense must be a very good one. Aside from the Gale redevelopment, Merrimac is financially involved in a number of projects and proposed developments in and around Fort Lauderdale: the redevelopment of the Tropic Cay Motel, at 525 North Fort Lauderdale Beach Blvd., into a Four Seasons hotel with luxury condos in a JV with Fort Partners; an eight-story, 286-unit luxury apartment project at the intersection of Federal Highway and Dania Beach Boulevard called Trion Dania Beach; and Broadstone Oceanside, a 204-unit apartment complex (that also includes some townhouses), at 1333 South Ocean Blvd., in a JV with Alliance Residential.
Motwani said the origin of buyers for residential properties in the Fort Lauderdale and Broward County area has changed over the years. Historically, it has been empty nesters and buyers fleeing the higher price points in Miami Beach, many from the Northeast, including New York City, Philadelphia and Boston.
“A lot of people are moving down either for second homes or down here full time,” he said.
But Motwani said he is also seeing more international buyers venturing north of Miami Beach and Downtown Miami for their investments. Merrimac may have fewer projects in the pipeline in the future, but not for lack of desire.
“I still see Fort Lauderdale has tremendous upside,” Motwani said. "But it is hard to find good sites."
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