Developer Merrimac Ventures has obtained approval to build a new oceanfront condo at 1350 S. Ocean Blvd. in Pompano Beach, South Florida Business Journal reports.

Merrimac Ventures president Dev Motwani said he plans to build 92 units on the two-acre site.

The published article did not report on the project’s full value, but quotes Motwani as saying the units would be priced in the range of $700 per sq. ft. and would average 2,600 sq. ft.

The Real Deal reports that WH Pompano LP, a company led by Motwani, has obtained financing for a $13 million mortgage from Florida Community Bank. The limited partnership acquired the 5.8-acre site at 1333 and 1350 South Ocean Boulevard in June 2011 for $11.5 million, according to Broward County property records