Developer Dev Motwani bought a development site in Fort Lauderdale’s Flagler Village for $14 million.
A Merrimac Ventures affiliate closed on the properties at 317 North Federal Highway and 515 Northeast Third Street, property records show. J & C Fox Family LLC and Joel Fox Inc., tied to Joel and Camille Fox, sold the buildings. They’ve owned the land since at least 1982.
The Fox family provided $9.6 million in seller financing for the property.
Motwani plans to redevelop the assemblage, but hasn’t decided yet what he will build. He said he’s considering residential, retail and possibly a hotel for the site.
Adam Tiktin and Alejandro Snyder of Tiktin Real Estate Investment Services brokered the deal.
The 1.75-acre site includes a Greyhound bus stop as well as a two-story retail building that is currently occupied by a Sherwin-Williams. The properties were built in 1960 and 1985.
Motwani was one of the sellers in a $63 million sale of land in Fort Lauderdale to developer Vlad Doronin’s OKO Group.
Motwani said the sale of that land and the purchase in Flagler Village was a 1031 exchange.
Earlier this year, Motwani secured a $10.4 million loan for a self-storage and retail project, also in Fort Lauderdale.