Terra Lists Location Ventures Coconut Grove Site for $18.9M

Key Points

• Terra is selling a 0.4-acre site at 3120–3138 Commodore Plaza for $18.9M despite ongoing legal and structural challenges.​

• The property includes an unfinished mixed-use project under a demolition order and is facing foreclosure due to alleged default on the ground lease and unpaid mortgage debt.​

• A $28.2M receivership sale to KOR Development is pending; if it falls through, the Halpern Trusts are the backup buyers with a $27.4M credit bid.​

A Prime Location with Complications

Terra, led by David Martin, has listed the 0.4-acre property at 3120–3138 Commodore Plaza in Coconut Grove for $18.9 million. The site, adjacent to the Coconut Grove Playhouse, includes an unfinished mixed-use project under a demolition order and is entangled in legal disputes stemming from a ground lease with the now-defunct Location Ventures.​

The Legal and Financial Quagmire

The property's complications arise from a 99-year ground lease signed in 2018 with Location Ventures, founded by Rishi Kapoor. The development, intended as a co-living and co-working space under the Urbin brand, stalled amid permitting delays and financial issues. The building's shell is now under a demolition order. Location Ventures is facing foreclosure due to an alleged default on the ground lease and an unpaid mortgage debt of $27.4 million.​

A court-appointed receiver has arranged a pending sale of the ground lease and unfinished project to KOR Development for $28.2 million. If this deal collapses, the Halpern Trusts, which hold the mortgage, are positioned as backup buyers with a credit bid of $27.4 million.​

Market Interest Despite Challenges

Despite its legal and structural issues, the property has attracted significant interest from family offices and developers. Tony Arellano of Dwntwn Realty Advisors noted that it offers a rare opportunity in a prime Coconut Grove location.​

Conclusion

The sale of 3120–3138 Commodore Plaza presents a complex yet potentially rewarding opportunity for investors willing to navigate its legal and structural challenges. Its prime location in Coconut Grove makes it a noteworthy prospect in Miami's real estate market.