A company headed by Dev Motwani bought an apartment development site in Dania Beach for $5 million.
CTKO Dania Venture, managed by Kenneth P. Wurtenberger, sold the 2.2-acre site at the northeast corner of Federal Highway and Dania Beach Boulevard to 4 N Federal Dania LLC, managed by Motwani of Merrimac Ventures. The project is currently called Trion Dania Beach, but Motwani said it would likely be renamed.
In 2016, Motwani secured city approval for the site. Motwani said he is seeking financing so he can break ground.
It would have 286 apartments with 16,000 square feet of retail in eight stories. About two-thirds of the units would be one bedroom and the rest would have two bedrooms, Motwani said. The units would average 858 per square foot.
Motwani said his apartments would rent for about $2.10 per square foot, making them a discount to new buildings in Flagler Village and downtown Fort Lauderdale, which are renting from $2.40 to $2.50 per square foot.
“We really wanted to offer a discount to Flagler Village and downtown Fort Lauderdale as a place to live,” Motwani said. “We’re a 10- to 12-minute drive from downtown. A lot of young professionals want to live east and stay close to the ocean and downtown.”
Motwani said the apartment building would have a large gym, a yoga room, a clubroom, a media/game room, a pet grooming area, and a coworking area.
Dorsky + Yue designed the project.
Motwani has been especially active in Broward County development projects, including the redevelopment of Las Olas Riverfront, the Paramount Fort Lauderdale, the Gale Hotel & Residences, the Four Seasons Hotel & Residences and the Flagler Village Hotel.