Federal Way 'Regional Center' Designation to Stimulate Local Economy, Create Opportunities for Foreign Investors
Twin Development LLC today announced plans for a mixed-use construction project in downtown Federal Way. The project will leverage the "Regional Center" designation successfully secured by Twin Development, with support from the City of Federal Way, to tap into international revenue sources in order to stimulate the local economy and create jobs in the area. Sanctioned by United States Citizenship and Immigration Services (USCIS), Twin Development's project will utilize the EB-5 Immigrant Investor program to fund the majority of the development.
"This project is further confirmation of the Pacific Northwest's status as an international gateway," said Steve Smith, co-manager, Twin Development. " By leveraging the opportunity presented by the EB-5 program, we can broaden access to foreign capital sources while providing a lucrative opportunity for international investors."
Twin Development recently received USCIS approval designating Federal Way as a "Regional Center," which enables it to offer the benefits of the USCIS's EB-5 program. EB-5, or the "Investor Green Card" program, offers participants nearly all the benefits of U.S. citizenship in return for making a financial investment in a U.S.-based commercial enterprise and creating a specified number of U.S. jobs.
"With a population of 88,580 and only 38,000 jobs, Federal Way's designation as a "Regional Center" presents a unique opportunity for commercial and residential developers to positively affect the local economy by creating new jobs and retail opportunities," Smith continued. "Recent improvements in the city's infrastructure from local lawmakers have paved the way for this development."
Federal Way is the eighth largest city in Washington state and provides an attractive geographic location, business-friendly tax structure, streamlined permitting system and soft infrastructure, referring to its desirability as a place to work and live. Located only minutes south of SeaTac International Airport, the nation's 15th busiest airport, and mid-way between two of the largest ports on the entire Pacific Coast, the city offers unparalleled accessibility and import/export capabilities. Additionally, Sound Transit recently completed the nearby Regional Transit Center, which offers numerous transit connections to Puget Sound destinations.
The development project has been approved by the USCIS in concert with its "Regional Center" designation, which garnered enthusiastic support from leaders in both local and state government.
"This type of funding alternative is of particular importance and value during these difficult economic times, when conventional lending for large mixed-use projects has been all but frozen," said Patrick Doherty, economic development director, City of Federal Way. "As a city, we've worked hard to make Federal Way a great place to live and work, and Twin Development's project will only validate this claim. We're excited to see it come to fruition."
Additionally, in a 2009 letter to the USCIS advocating for EB-5 privileges for the city, Washington State Gov. Christine Gregoire noted "… It is imperative that additional, creative sources of redevelopment financing be found and set in place. As such, I believe it is precisely the EB-5 foreign investor visa program that may be able to provide this source of financing."
About Twin Development
For more than 20 years, the development team behind Twin Development, LLC has been building an impressive resume of achievement and success in the regional multifamily industry. By carefully assessing each step in the development process — from market research and site selection to design, construction, marketing and customer service — they have entitled and/or delivered high-quality apartment, condominium and mixed-use projects that have commanded premium pricing, which includes over 40 different projects totaling nearly 4,000 dwelling units.
About the USCIS EB-5 Immigrant Investor program
The EB-5 Immigrant Investor program is available to immigrants seeking to enter the United States in order to invest in a new commercial enterprise that will benefit the U.S. economy and create at least 10 full-time jobs.
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