With well over half of 2016 in the books, it is the perfect time to revisit media coverage of the EB-5 Program from March through July. Below are the highlights from a busy quarter in media coverage of the EB-5 Program, providing further evidence that #EB5isWorking!
Mayor wants expansion of visa program that put Dallas on ‘international stage’, Dallas Morning News, 7/1/2016 by Graham Vyse
“This is the sort of development you want in your city,’ Rawlings said in an interview. ‘Out saliency on the global market today is much higher than it ever has been — because of programs like [EB-5]” – Mike Rawlings, Mayor of Dallas, TX
U.S. Conference of Mayors Resolution in Support of the EB-5 Regional Center Program, 6/27/2016
“EB-5 has become a vital source of urban redevelopment funds, and mayors are working with private parties to use EB-5 foreign direct investment to finance job-creating projects and downtown revitalization.”
Price for a Green Card: $500,000 Stadium Stake, The New York Times, by Ken Belson, 5/16/2016
“For years, sports teams have tried to defray the multimillion-dollar costs of their new stadiums by asking fans to pay thousands for personal seat licenses that entitle them to buy season tickets. Flavio Augusto da Silva is taking that concept further. In what may be the first deal of its kind, Mr. da Silva, the majority owner of Orlando City of Major League Soccer, is asking investors from Brazil, China, and elsewhere to pay $500,000 each for a stake in the stadium he is building…Mr. da Silva knew about the EB-5 program because he obtained his own green card in 2009…”
Demolition started on iconic Kauai resort featured in Elvis Movie, Pacific Business Journal, by Duane Shimogawa, 6/20/2016
“Coco Palms has been closed since Hurricane Iniki severely damaged the property in 1992, although several developers have tried to redevelop the well-known resort, which was featured in a 1961 film starring Elvis called “Blue Hawaii”…with EB-5 funding also being used to fund construction for the development.”
More mixed-use heading for Allen Parkway, Houston Chron, by Nancy Sarnoff, 6/22/2016
“The creation of parkspace along Buffalo Bayou has been a catalyst for new development in the area just west of downtown…through a development and investment firm that uses the federal EB-5 program to finance some of its projects.”
In US opioid crisis, green card seekers see opportunity, Boston Globe, by Deirdre Fernandes 5/3/2016
“In Devens [MA], a 104-bed behavioral health and substance abuse center is being financed, in part, with $10 million from foreign investors through the EB-5 immigration program… The shortage of treatment beds in Massachusetts is putting pressure on hospital emergency rooms statewide.”
City Council Unanimously Approves Sale of Location Formerly Occupied by Jergins Trust Building, Long Beach Post, by Jason Ruiz, 5/18/2016
“Fifty percent of the funding for the [mix-use] project is expected to come from equity raised by the federal EB-5 Investor Program…”
“…This lot has been empty for almost 30 years now and not creating jobs, not creating convention business, not creating development for tourism and certainly has been a little bit of an eyesore over the years” – Robert Garcia, Mayor of Long Beach, CA
Norfolk looks to lure foreign investors using federal visa program, The Virginian Pilot, by Eric Hartley, 6/1/2016
“EB-5 money could be a boon for Norfolk and might lessen the need for the city to invest money in developments upfront. ‘It can take a chunk of that burden off the taxpayers for incentives for developers to come in and do [business].’” – Kathy Owens, Virginia Atlantic Center
Birmingham sister city wins prestigious national award, Birmingham Business Journal, by Rachael Gamlin, 7/1/2016
“The sister cities have initiated an EB-5 visa [regional center] to entice investors to Birmingham…The goal is to increase contact and collaboration between local firms and Liverpool companies, while bringing development to low-income areas.”
Navigating the construction lending drought, The Real Deal New York, by Kathryn Brenzel, 7/1/2016
“Many national and regional banks are shying away from financing luxury condos, leaving non-traditional lenders including hedge funds, EB-5 investors and a growing number of developers to fill the gap. To get a lender to do a condo financing now, you need to create a financing package that makes it almost impossible for them to say no to. Lenders don’t want to stretch for condo deals. They’re not interested in helping neophyte developers take the next step.’” – Scott Singer, President of the Singer & Bassuk Organization
