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Another Mega Project Rising in Fort Lauderdale

“Securing financing for a development to be built in phases based upon the property's layout could have been challenging.”

By Jennifer LeClaire | jenniferleclaire | Updated on July 18, 2017

Luis Flores Luis Flores

MIAMI—Developer Property Markets Group closed a $153.9 million construction loan for the first phase of its mixed-use Fort Lauderdale Riverfront project. Earlier this year, the development firm purchased the 2.38-acre parcel of land for $29 million from Las Olas Riverfront LP, an affiliate of Merrimac Ventures led by president Dev Motwani, who will retain approximately 18,000 square feet of retail developed in phase one along the river.

Slated for completion in 2020, the project will include two multifamily towers with 1,200 units. Phase one will offer a 36-floor residential tower with approximately 600 micro-units and multi-bedroom suites, plus more than 100,000 square feet of communal amenity spaces.  (Meanwhile, a mega mixed-use transit-oriented project is rising nearby.)

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