Merrimac Ventures is moving forward with a major mixed-use residential development in downtown Fort Lauderdale.
City commissioners unanimously approved an amended site plan for the project at 317 North Federal Highway on Tuesday. The Fort Lauderdale-based firm, led by Dev and Nitin Motwani, first proposed the project in 2021.
That proposal called for two towers totaling 1.4 million square feet, with 716 residential units, 8,700 square feet of commercial space and 1,083 parking spaces, the South Florida Business Journal reported. The towers would rise 42 and 45 stories and include fitness, media, social and coworking rooms.
The city’s development review committee approved the original site plan in July of 2021, according to city records.
Merrimac’s latest plan for the project, called 317 N Federal, consists of two towers with 773 residential units and 7,820 square feet of commercial use.
City commissioners voted on revisions that reduce the west tower from 42 stories to 37 stories with 423 units, down from 425. The amended plan calls for an increase in the west tower’s floorplate from the maximum allowed 12,500 square feet to 14,160 square feet on floors 10 through 37, as well as a reduction in the tower separation to accommodate 5-foot balconies.
The Motwanis paid $14 million for 317 North Federal Highway and 515 Northeast Third Street in 2020. The previous owners, Joel and Camille Fox, had owned the land since at least 1982. The 1.8-acre site included a Greyhound bus stop and a two-story retail building occupied by paint supplier Sherwin-Williams, The Real Deal previously reported.
Merrimac Ventures’ other projects in the pipeline include 600 Miami Worldcenter, Waldorf Astoria Residences Pompano Beach and Riverside Wharf / Dream Miami Hotel.
Fort Lauderdale has attracted a wave of investment as developers race to take advantage of the city’s growing population. The city, known as the Venice of America for its canals and boating culture, is hooking buyers looking for a relaxed lifestyle and a cheaper cost of living compared to Miami and Palm Beach.
Last month, 13th Floor Investments scored approval for its 30-story multifamily development, while Midtown Capital Partners advanced a 249-unit multifamily development known as Astor Progresso Village.
Read more
Dev Motwani buys Fort Lauderdale dev site for $14M
Map: Flagler Village is steering Fort Lauderdale’s development ship. Here’s what’s underway
Why Fort Lauderdale is Positioned as One of the Nation’s Most Compelling Growth Markets
