Location Ventures Sells Fort Lauderdale Development Site
Buyer previously sued former Location Ventures CEO Rishi Kapoor
By Julia Echikson October 2, 2023 1:56 pm
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Location Ventures, whose former CEO Rishi Kapoor is under FBI investigation, sold a waterfront development site in Fort Lauderdale for $30 million, where the developer had planned to erect an Edition-branded development.
The 1.6-acre parcel, at 551 Bayshore Drive, faces the Intracoastal Waterway, just south of Terramar Street on a barrier Island. The development was set to house 65 condo units across two 11-story towers. The Coral Gables-based Location Ventures broke ground in February, despite not having secured a construction loan for the project.
The buyer is a joint venture among Alex Kleyner of National Debt Relief, Parag Mehta of Kelta Corporation and the Mumbai-based MICL Global, led by Keshal Parekh and Vatsal Shah. The venture secured a $26.6 million acquisition loan from DA Capital Holdings and a limited liability company connected to Mehta.
Kleyner was an investor of Location Ventures. In July, Kleyner sued the firm and Kapoor, who was then CEO, for allegedly failing to pay him back $25 million. It’s unclear whether the buyers will move forward with the planned development in Fort Lauderdale.
Representatives for the joint venture did not immediately respond to requests for comment, while staffers at Location Ventures could not be reached for comment.
The sale comes less than four months after Kapoor resigned from Location Ventures, after the FBI opened an investigation into allegations the developer paid Miami Mayor Francis Suarez about $170,000 to get a condo development in Coconut Grove approved. (Both Suarez and Kapoor have previously denied wrongdoing.)
In addition, the Securities and Exchange Commission is conducting its own inquiry into Kapoor, investigating whether he sold investment contracts without registering them as securities, misrepresented potential profits to investors, and misappropriated funds for personal expenses.
Julia Echikson can be reached at jechikson@commercialobserver.com.
