MIAMI—Is there really a difference between Fort Lauderdale and Miami condo buyers? Dev Motwani, president of Merrimac Ventures, thinks so.

Merrimac is teaming with Newgard Development Group to build the Gale Boutique Hotel & Residences. Gale Fort Lauderdale will occupy a group of buildings that formerly housed the Escape Hotel, which was designed in 1949 by Theo A. Meyer and Lester Avery. A complete renovation will see 96 hotel rooms and suites that incorporate design elements from Gale South Beach hotel. Gale opened in 2012 and received Hospitality Design magazine's Award for Best Hotel Renovation in 2013.

GlobeSt.com caught up with Motwani to discuss buyer profiles. He also shared his long-term vision for Fort Lauderdale Beach in part three of this exclusive interview series.

GlobeSt.com: Where are you seeing buyer interest originating and how does Fort Lauderdale buyer demographic differ from that of Miami? 

Motwani: The buyer profile in Fort Lauderdale tends to be a combination of local buyers relocating from the suburbs, a strong northeast US, and Canadian presence, and international interest from Europe and South America. Being the yachting capital of the world and home to great beaches, Fort Lauderdale tends to attract a more casual buyer who appreciates the water and is looking for a more laid-back vibe than, say, Miami Beach.

Having a major city like Miami less than 30 minutes away certainly helps when it comes to selling our projects. But the amenities found in our own backyard such as the Broward Center for Preforming Arts and Las Olas shopping district are always a major draw.

GlobeSt.com: What is the long-term vision for Fort Lauderdale Beach? Will this area emerge as another South Beach?

Motwani: Fort Lauderdale and Broward are a standalone market, home to an international airport, major cruise port, world-class beaches and its own industries. We think of Miami as an amenity for our residents and visitors.

Regarding Fort Lauderdale Beach, the City has hired RMA Associates, which handled the revitalization of Atlantic Avenue in Delray Beach, to work on a Master Plan for North Beach Village, which will add new infrastructure and other quality of life enhancements that will make it a truly walkable beachside village community and keep us on the path to becoming an upscale, family-oriented destination with neighborhood charm and a sense of local history. I like to think the Four Seasons, Paramount and Gale will be a significant contribution to that effort.

You can still read parts one and two of this series: Fort Lauderdale Beach is Not What it Used to Be and A Condo-Hotel Revival?.