The building will have 130,700 square feet of storage space and 8,000 square feet of retail frontage
July 10, 2017: Real estate developer Dev Motwani, president of Merrimac Ventures, plans to build a three-story self-storage facility in Ft. Lauderdale, Fla. a Motwani is seeking $15 million to $20 million in construction financing for the project, according to the source.
“With the Fort Lauderdale residential trend shifting toward smaller units, we thought it would be a good addition,” Motwani said.
The property is part of a 17.7-acre industrial development site Motwani purchased in 2014 for $5.9 million, which was previously rezoned to allow commercial use. He recently sold 11.7 acres of the land to Bridge Development Partners, a Chicago-based industrial real estate developer, for $10.4 million. That company plans to build Bridge Point Riverbend, a 221,542-square-foot distribution facility, with a groundbreaking scheduled for next month, the source reported.
Motwani was represented in the transaction by land-use attorney Robert Lochrie III, a partner with Lochrie & Chakas P.A., and land-transaction attorney Andrew Gross of Hunting & Gross P.A.
Based in Ft. Lauderdale, Merrimac Ventures is a real estate investment and development firm. Its primary focus is on resort and mixed-use development, but the company also has investments in multi-family residential, retail and office complexes.