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ndrew Korge is seeking to acquire a former Rishi Kapoor development site in Coconut Grove's Commodore Plaza for $28.2 million, which could help settle some of the embattled developer's financial woes. A court-appointed receiver, Bernice Lee, is asking a federal judge to approve the sale of the mixed-use building at 3120-3170 Commodore Plaza to Korge's Miami-based KOR Development. The property features 30 residential and commercial condos, as well as a leasehold interest in 41,161 square feet of commercial space.

    The sale would help pay off $19.9 million owed on three mortgages from Halpern Family Trust, which owns multiple allegedly defaulted loans secured by other Location Ventures development sites. Korge is also offering a $150,000 bonus if the deal closes by February next year.

    The building at 3170 Commodore Plaza has been partially gutted due to construction that stopped last year and has a code violation from the city of Miami's Unsafe Structures Panel. The sale would also reimburse Halpern Family Trust for making regular payments on the ground leases, totaling $582,080.

    A group of minority investors sued Kapoor in December 2022, accusing him of making major decisions without shareholder approval, including paying $262,000 fees to a lender to extend a loan maturity date. Lee has filed separate motions seeking permission to sell other Location Ventures properties, including a development site in Miami Beach where Kapoor planned a co-living condominium project.