Dev and Nitin Motwani

Merrimac Ventures, run by brothers Dev and Nitin Motwani, may be one of the most nimble developers in one of the nation’s busiest development markets, South Florida.

First, there’s Miami Worldcenter, the second-largest private development in the country (yes, country). The 27-acre, master-
planned project in Downtown Miami has transformed a warehouse-laden area into a glitzy district that’s attracted high-profile developers such as Related Group, Witkoff Group and the Naftali Group. 

While there’s still work to be done, the development is finally coming together and looking like a true district. The first crop of stores and restaurants, including Sephora and Lululemon, as well as Brasserie Laurel by Michelin-starred chef Michael Beltran, have opened in recent months, and 2,100 residential units have been delivered so far. 

Then there’s the project on Watson Island, a prime, publicly owned enclave between Downtown Miami and South Beach. 

Last year, the Fort Lauderdale-based firm, alongside BH3 Management, purchased the 75-year ground lease for an 11-acre parcel on the island, after the previous lessee failed to get his project underway. While the Motwani brothers won’t say what they’ll build there other than drop a mention about a mixed-use development, it’s sure to be something notable. 

“This site has my two favorite views, of the water and Miami Worldcenter. We’ve spent the last 18 years building up that,” said Nitin Motwani. 

Beyond just South Florida, the brothers have ventured to Colorado to launch their first development project outside of the Sunshine State: a Four Seasons-branded condo and residences project that’s estimated to sell out for more than $1 billion. 

“We’re well capitalized, low leveraged and don’t have any legacy issues, and have tremendous relationships both with institutions and high-net-worth families as well as the various municipalities and brokerages,” Dev Motwani said. “So we are uniquely positioned to benefit from whatever 2024 brings.”