Melt the butter in a dutch oven or large pot over medium-high heat.
Add the corn, onion, bell pepper, garlic, chili powder, 1 tsp salt, and 1/2 tsp black pepper and cook, stirring occasionally, until corn is warmed through, about 5 minutes.
Stir in the water then use an immersion blender, or a stand blender in batches, to puree the soup.
Pour the soup through a fine mesh sieve into a large bowl to remove any solids.
Stir the heavy cream into the soup then season with salt & pepper to taste.
Cover the soup and refrigerate for at least 3 hours.
Take the soup out of the refrigerator and stir in the lime juice.
Ladle the soup into bowls and top with diced avocado and feta cheese.
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