Former Site Ventures investors Alex Kleyner and Diana Ulis gained web page prepare acceptance for a condo enhancement on a waterfront internet site in Fort Lauderdale. The Miami Seaside few acquired the 1.5-acre property for $30 million very last calendar year from the seller who was earlier beneath agreement with Rishi Kapoor, the embattled former CEO of Place Ventures.
The Fort Lauderdale Town Commission on Tuesday accepted an amended website plan for a 13-story, 83-device condominium on Bayshore Push, on the west facet of city’s barrier island alongside the Intracoastal Waterway.
The amended web site system included two stories, 18 models, and 27 parking areas to the first 11-tale, 65-unit layout of the condominium improvement.
In September 2022, the city fee permitted the first 11-story site approach submitted by Site Ventures, a Coral Gables-based agency that Kapoor led until finally he resigned as CEO last summer time. He also quit the prime task at Urbin, a different Coral Gables-based mostly business he established.
The U.S. Securities and Trade Fee submitted a civil lawsuit in Miami federal court docket past month alleging that Kapoor and Spot Ventures defrauded extra than 50 investors who contributed $93 million to the company’s true estate initiatives.
A forensic audit commissioned by the SEC reveals that Kapoor misappropriated trader money, buyer deposits, and loan proceeds, in part by shelling out himself $4.3 million he wasn’t entitled to.
In July, Ulis and Kleyner sued in Miami-Dade Circuit Court docket alleging that Kapoor owes them an unpaid credit card debt of $25 million for investing in his company and genuine estate jobs.
Their go well with claims Kapoor defaulted on a offer to make it possible for Ulis and Kleyner to recuperate $25 million in return for their investment decision in Place Ventures and two residential jobs in Fort Lauderdale and Coral Gables.
The town code allowed an entity led by Ulis and Kleyner to incorporate two tales to the condos planned at 551 Bayshore Travel for the reason that the building’s top would remain underneath 144 toes, and the dimension of the building’s floor plates would stay under 16,000 sq. feet, stated Christopher Cooper, director of Fort Lauderdale’s department of growth expert services.
“If you go to the most floor plate, you create that bulkier, heavier tower, so you have much less gentle on the avenue, your check out corridors are additional interrupted, issues of that nature,” Cooper mentioned throughout the fee meeting Tuesday.
