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SkyRise Miami developer to look to EB-5 investors for funding

A developer in Miami is planning on turning to EB-5 investors to help fund an observation tower. The hairpin-shaped tower, called SkyRise Miami, is slated to be built in the middle of downtown Miami, at the end of Bayside Marketplace, on land being leased from the city.

In addition to the 1,000-foot observation tower, the structure will also be home to a movie theater that moves, a 550-foot bungee jump, an amusement-park style ride, a ballroom and a nightclub. The city commission approved the project this past summer.

The developer anticipates that the estimated 3.2 million visitors expected to visit the tower annually, will more than over the cost of the building. Illustrating just how confident he is in those projections, he is putting $30 million of his own money toward the $430 million needed to complete the project. He also expects half of the $430 million needed for the project to come from foreign investors.

Foreign investors may be interested in the project because of the benefits they would receive in exchange for investing. Those who qualify for the EB-5 visa can move to the United States with their families and receive conditional green cards. At the end of the two year period that those conditional green cards are valid, the conditions tied to those cards may be removed.

To qualify for an EB-5 visa, an investor must invest at least $500,000 in a regional center that has been approved as part of the program. Issues could arise in the process should there be problems with the viability of the regional center, or the availability, proof or source of the funds. To help work through this most investors work with an immigration attorney.

Source: USA Today, “Voters approve SkyRise Miami,” Alan Gomez, Aug. 26, 2014

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