{"id":880,"date":"2025-10-24T09:17:21","date_gmt":"2025-10-24T14:17:21","guid":{"rendered":"https:\/\/www.brickellsold.com\/blog\/andrew-korge-cancels-28m-deal-for-ex-rishi-kapoor-site\/"},"modified":"2026-04-13T10:49:36","modified_gmt":"2026-04-13T14:49:36","slug":"andrew-korge-cancels-28m-deal-for-ex-rishi-kapoor-site","status":"publish","type":"post","link":"https:\/\/www.brickellsold.com\/blog\/andrew-korge-cancels-28m-deal-for-ex-rishi-kapoor-site\/","title":{"rendered":"Andrew Korge Cancels $28M Deal For Ex-Rishi Kapoor Site"},"content":{"rendered":"
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Andrew Korge terminated his firm\u2019s $28.2 million offer for a stalled mixed-use project site in Coconut Grove<\/a> tied to disgraced developer Rishi Kapoor.\u00a0<\/p>\n

An affiliate of Korge\u2019s Miami-based KOR Development walked away from the potential purchase of the development site at 3120-3170 Commodore Plaza, a year after reaching an agreement with Bernice Lee, the court-appointed receiver overseeing the liquidation of assets belonging to defunct Location Ventures, previously led by Kapoor, and its related entities, according to an Oct. 15 notice in Miami<\/a> federal court.\u00a0\u00a0<\/p>\n

Last year, Lee was appointed Location Ventures\u2019 receiver stemming from a pending civil lawsuit by the U.S. Securities and Exchange Commission against the firm and Kapoor that alleges he misappropriated $93 million in investor funds meant for real estate<\/a> projects. In November, the SEC and Kapoor reached a settlement, but Lee is still in the midst of selling properties in order to pay creditors.\u00a0<\/p>\n

In a phone interview, Korge said finalizing the deal was taking too long, and he has shifted careers from real estate<\/a> to technology. \u201cWe made that offer in what feels like the last century,\u201d Korge said. \u201cI regret that this didn\u2019t move a little more smoothly. I would have bought it, but I just can\u2019t wait. Life goes on.\u201d<\/p>\n

Lee declined to comment.\u00a0<\/p>\n

Korge was going to buy the ground lease and the unfinished project at 3120-3170 Commodore Plaza, which Kapoor had planned as a co-living, co-working office, retail and restaurant complex. However, Korge\u2019s purchase was delayed by a series of objections from a lender, the owner of the land underneath the project and a group of investors who have a stayed lawsuit in Miami-Dade Circuit Court against the Location Ventures affiliate that owns the project, court filings show.\u00a0<\/p>\n

Lee now plans to enter into a sale and purchase agreement with LDHC Holdings, an affiliate of the lender, Halpern Family Trust, which has a pending foreclosure lawsuit against the Location Ventures affiliate that owns the project. The Halpern trust has also been making ground lease payments to the landowner, David Martin\u2019s Coconut Grove-based Terra, according to recent motions. In April, Terra listed the 0.4-acre parcel with an asking price of $18.9 million.\u00a0<\/p>\n

LDHC Holdings agreed to pay the same price Korge offered, consisting of a $27.4 million credit bid, plus $800,000, court records show. The credit bid represents the mortgage principal, interest and fees allegedly owed by Location Ventures.<\/p>\n<\/div>\n