Part of Las Olas Riverfront sells to developer for $29M

posted on Monday, February 27th, 2017 by Marketing Director

M2E Client, Property Markets Group bought part of Las Olas Riverfront in Fort Lauderdale to begin a major redevelopment project.

Las Olas Riverfront LP, an affiliate of Merrimac Ventures led by President Dev Motwani, sold 2.38 acres of the 3.67-acre property at 300 S.W. 1st Ave. to New York-based PMG for $29 million. It’s the western portion of the site that was sold. The deal was brokered by Robert Given of Cushman Wakefield with legal work by attorney Luis Flores of Arnstein & Lehr and attorney Courtney Crush of Crush Law. Motwani hired attorney Andy Gross of Hunt & Gross for the deal.

PMG previously won city approval to redevelop the site with two apartment towers with a combined 1,214 units, 40,000 square feet of retail and 1,944 parking spaces. The apartment towers would rise 46 and 42 stories while the parking deck would be 13 stories.

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