Panorama Tower begins accepting EB-5 funding with lower goal

Panorama Tower begins accepting EB-5 funding with lower goal

The developer of the 83-story Panorama Tower in Miami announced that it’s now permitted to accept applications for funding through the city’s regional EB-5 visa program, however, its funding goal has been lowered.

The EB-5 program allows foreign nationals to apply for a visa in exchange for making an investment of at least $500,000 in a venture that creates jobs in the United States. The city set up a regional center that can be used to fund these projects throughout South Florida.

The EB-5 program was set to expire on Sept. 30, yet Congress granted it a short term extension until Dec. 11. Many experts believe the program could have new terms should it be re-approved.

Panorama Tower initially said it would seek up to $160 million in EB-5 funds. On Tuesday, developer Florida East Coast Realty said 6 percent of the $800 million project would come from EB-5 - or about $48 million. It’s now allowed to accept applications.

"We expect a great deal of interest in the program from investors because construction is very well progressed, and the residential component of our project is rental units in a market that many believe is over-saturated with for-sale condominiums,” FECR CEO Tibor Hollo said. "This is true to the mission of the City of Miami’s Regional Center in providing rental housing among other specialty housing."

Due to logistical and timing considerations with the EB-5 program, FECR is fully funding the project and expects to receive the EB-5 funds around the time the tower obtains a certificate of occupancy. Panorama Tower received a $340 million construction loan in March.

Construction on Panorama Tower has already reached 19 stories. It’ll have 821 apartments, about 100,000 square feet of medical office space, a 208-room hotel, 50,000 square feet of retail, 2,000 parking spaces and an amenity deck with several pools and a large fitness room.

Panorama Tower will create 1,300 construction jobs, 192 management employees, 800 tenant employees and 220 visiting students, FECR said. It should be completed in late 2017.

The building at 1101 Brickell Avenue will be the tallest in Florida once completed, although several other developers have even taller buildings in the pipeline.


http://www.bizjournals.com/southflorida/news/2015/10/20/panorama-tower-begins-accepting-eb-5-funding-with.html

Mentions

States

  • Florida


Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.