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Broward County office development funded through EB-5 investors

Regular readers of this blog are likely aware that there are multiple ways in which someone can seek to enter and reside in the United States legally. This is particularly true for business people. One of the visas available to foreign investors is the EB-5.

An EB-5 development, the Professional Center at Riviera Point, is being constructed in Broward County. The 70,000-square-foot building will be the first such development to start construction in several years. It will consist of two buildings, each four-stories tall. As is the case in many commercial developments these days, they are expected to be Leadership in Energy and Environmental Design certified.

The development, which is expected to cost around $17 million, is being funded through the federal government's EB-5 immigrant visa program. It is the first project in Broward County to be funded in this manner. In exchange for investing in the development, foreign nationals who invest a certain amount, as well as their families, may be able to obtain permanent residency. Most of the foreign investors involved in this project are from the following countries: Argentina, Spain, China, Russia and Venezuela.

Obtaining an EB-5 immigrant investor visa can be a complicated process. In addition to identifying a development to invest in, matters such as the source and availability of funds must be confirmed. When a program works the way it is supposed to, the arrangement is mutually beneficial to both the investor as well as the region of the U.S. in which the development is located. The investor is set on a path to try to obtain a permanent green card, and jobs are created, helping to stimulate the economy.

Source: CoStar Group, "EB-5 Office Development Goes Vertical In Broward Co," Randyl Drummer, Feb. 20, 2013

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