Developers With Property Markets Group Purchase Las Olas Riverfront, Ready To Move Forward With Revitalization Plans
Developers planning to revitalize the nearly abandoned Las Olas Riverfront have purchased the property and are ready to move forward with the plans.
Property Markets Group closed on the site Wednesday in a $29 million purchase from Fort Lauderdale developer Dev Motwani, who's been holding onto the land since he purchased it in 2011. City commissioners also unanimously approved the finalized plan Wednesday night, Sun Sentinel reported.
Fort Lauderdale Mayor Jack Seiler told the outlet the development should eliminate the "dead zone" along the riverfront.
PMG hopes to bring the area back to life as a millennial hot spot by building two riverfront apartment towers geared toward young professionals and offering 40,000 square feet of retail.
"As a person who used to go out in Riverfront, we look forward to bringing the location back to its glory and more," PMG Principal Ryan Shear said in a statement.
Each of the roughly 40-story towers will offer small one- and two-bedroom dorm-style apartment units, along with a double-decker pool, full-sized gym, wireless entry doors, coworking space and residential activities. According to Shear, these kinds of socially driven developments often create an active community.
"I've seen not only our projects but other places where this is successful and really gets a really living, breathing community that's young and vibrant, and it does create a life of its own," Shear told Fort Lauderdale Daily last fall.
Shear expects to attract dining options, bars, a fitness studio and a high-end grocer.
See renderings of the project below: