Take a stroll through Harbourside Place in Jupiter, Florida. The multi-use development that opened to the public in October of 2014 has become the area’s most sought after destination for shopping, dining, entertainment, boating and hotel accommodations.
The popular downtown focal point nestled along Jupiter’s Intracoastal Waterway, Harbourside Place, bears the distinction of being funded by the EB-5 Immigrant Investment Program.
In fact, the EB-5 Visa Program, which requires a minimum of $500,000 or $1,000,000 investment by foreign investors, has attracted billions of dollars into emerging and expanding American businesses. According to US Immigration Fund’s (“USIF”) president Nicholas Mastroianni III, participants in the EB-5 Program continue to provide development financing at a rate that is more affordable than traditional lending which allows development sponsors to engage in more deals, thus creating more jobs, in a more timely manner, than they would otherwise have the ability to accomplish.
Mastroianni is very pleased that the EB-5 Program was renewed through September 2018, however, he states that he was looking forward to some additional regulation in the Program as he concurs there is a need to disallow some regional centers from operating in the sector. Mastroianni has seen first-hand how the Program has changed lives and changed the cityscapes of some of America’s most thriving metropolitans. USIF has worked with thousands of applicants on projects based from New York to California and down to South Florida. The EB-5 Visa Program has for many years, and is continuing to, create jobs and fund major projects around the United States.
“One great example of the EB-5 program at its best is Via Mizner”, Nicholas Mastroianni says about the mixed-use project in the heart of Boca Raton. Having successfully completed the first of three phases featuring hotel suites, for-sale condominiums, rental apartments, restaurants and boutiques, he reveals, “foreign investors have already begun to realize their own American dreams with many receiving permanent residency status in the United States”.
With the secondary phases under construction, Via Mizner’s foreign investors in the EB-5 Visa Program, along with their spouses and unmarried children under age 21, have begun to receive full returns on their investments and have been awarded green card status as Lawful Permanent Residents of the United States.
Since the federal government launched the Program in 1990, U.S. Citizenship & Immigration Services (“USCIS”) has provided a limited number of visas each year. Aside from the substantial financial requirements, immigrant investors must pass extensive security and background checks and prove that they have created at least 10 sustainable new jobs per $500,000 investment in the project.
USIF has numerous approved projects, many of which are fully subscribed today and construction is completed or nearing completion like Via Mizner and Harbourside Place. Mastroianni points out that there are several available projects including an extremely rare location at 1568 Broadway, also known as TSX Broadway, in the center of what is the most populated and most desired public space in North America, Times Square, New York City.
Experts agree that the projected economic impact of the EB-5 Program is difficult to ignore. The Program has shown positive results since its inception and is positioned to be even more beneficial in the near future.