MIAMI—Last year, a Bloomberg article suggested that homebuyers avoiding chores is fueling a condo-hotel revival in the United States. Newgard Development Group and Merrimac Ventures are getting in on the revival.
Merrimac operates hotels, retail, office, and rental properties across the country, and has a special interest in Fort Lauderdale. GlobeSt.com caught up with Dev Motwani, president of the family business, to talk about how he partnered with Newgard to develop a condo-hotel project and why the focus on Broward.
GlobeSt.com: Tell us about the Gale Ft. Lauderdale. How did your partnership with Newgard Development Group come about and why did you decide to go condo-hotel with this project?
Motwani: Harvey Hernandez of Newgard and I met through my brother, Nitin, long before launching the Gale. The Gale combines an existing building and a ground-up tower side-by-side, which required some creativity with regard to design, development and operations.
Harvey brings expertise in condo development and I have always been impressed with his ability to think outside the box. All of this came together when Harvey recommended incorporating the Gale brand, which was a game changer for the project. Now we'll be able to offer our residents true resort-style amenities.
GlobeSt.com: What other developments is Merrimac involved in at the moment, and why the focus on Broward?
Motwani: Merrimac Ventures has interests throughout Florida, Georgia, Missouri, and Texas, but Broward is home and we know this market about as well as anyone. Our family remains involved in the community and our current activity reflects that.
With the recent expansion of the Fort Lauderdale International Airport and Port Everglades as well as the upcoming development of an All Aboard Florida Station, Broward is perfectly positioned to take off as the epicenter of the South Florida region. We have even expanded beyond the beach. We are partners in redeveloping the Las Olas Riverfront Complex in downtown Fort Lauderdale, a large mixed-use project, and we also have apartment projects in Flagler Village, Pembroke Pines and Plantation, as well as a large residential project on Pompano Beach.
If you missed part one of this exclusive interview you can still read it: Fort Lauderdale Beach is Not What is Used to Be.
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