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Not Verified Project

Funding

Funding Needed
$913 (Mio)
EB5 Funding
$250 (Mio)
EB-5 Investors
500
Investment Amount
$500,000

Jobs

Category
Accommodation and Food Services
Sub-Category
Hotels (except Casino Hotels) and Motels

Location

State
Illinois
Location
Chicago

4 followers

Kevin WrightJoseph McCarthyViji DurgaMichael K Evans

Last Update: November 30, 2016 01:05 AM

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Chicago Convention Center


Project Description

NOTE: This Regional Center has been terminated and the Project has been closed by the Law Enforcement. The EB-5 promoter of the project has been indicted on charges of fraud and making false statements.

SEC and USCIS have coordinated to stop the activities of Anshoo Sethi and the EB-5 designated Intercontinental Regional Center Trust of Chicago (IRCTC) from continuing to misappropriate funds from overseas immigrant investors in connection with the "A Chicago Convention Center LLC" offering that he and Chinese migration agents were heavily promoting to investors. For more information and details on the investment and subsequent law enforcement actions please view the stories in the Project Updates section here.

[The proposed project, to be known as the Chicago Convention Center, will be the first Zero Carbon Platinum LEED accredited and 100% allergen-free convention center complex in the world. All guest rooms will be improved with state-of-the-art technology.

The center will include five upper/up-scale hotel brands in three towers. The first tower is a 17-story Starwood Element, which will contain 321 guest suites plus 15 conference suites for a total of 336 rooms. The second tower is comprised of a 19-story, 209-room IHG Hotel Indigo and 154-suite Staybridge Suites. The 14-story third tower will contain a Hyatt Place with 148 rooms and a Hyatt Summerfield Suites with 148 rooms.

The property will include four floors of convention space with a total of 290,000 square feet, all of which will be connected across the lower levels of all three towers. A total of 55,000 square feet will be allocated for restaurants, lounges, and bars throughout the complex. A 1,720-space automatic robotic parking structure will lie below the convention center/hotel complex aligned beneath the second tower. The development will also feature the largest guest accessible hotel green-roof complex in the country, containing almost an acre allocated for a spa, a yoga studio, a bar/lounge area, and a miniature golf course. A total of 995 rooms are proposed, of which 786 will be suites.]

News & Updates

SEC Increases Scrutiny of EB-5 Investment Fraud
April 09, 2018
Largest Ever 'Cash-For-Visa' Fraud Scheme Leads To Prison For Developer
February 23, 2017
Three Years In Prison For Developer Fraud In $912M Hotel Scam
February 23, 2017
Developer given 3 years in prison for failed convention center near O'Hare
February 21, 2017
Hotel Developer Sentenced to Three Years in Prison for Exploiting U.S. Visa Program
February 21, 2017
Anshoo Sethi will soon be sentenced to prison for EB-5 visa wire fraud case
November 30, 2016
Chicago man awaits sentencing in federal visa fraud case
November 27, 2016
Political insiders cashed in on failed O’Hare project
November 26, 2016
Graff: EB-5 lured governors into boosterism
April 27, 2016
Virginia economic development officials soften stances on controversial EB-5 program
April 10, 2016
American foreign investor program remains most popular with wealthy Chinese
March 13, 2016
Uptick in EB5 visa applications to US from Indian businessmen
March 11, 2016
SEC Doing Its Job Protecting Chinese Investors, Will China?
March 10, 2016
SEC visa fraud case rocks Florida city’s big dreams
January 19, 2016
SEC visa fraud case rocks Florida city's downtown dream
January 15, 2016
DEVELOPER PLEADS GUILTY TO $158M EB-5 FRAUD SCHEME
January 14, 2016
Guilty plea in $158 million visa fraud over failed O'Hare hotel project
January 13, 2016
Cash-for-Visa Con
December 28, 2015
EB-5 Limits May Slow Flow of China’s Elite to US
May 07, 2015
EB-5 Limits May Slow Flow of China’s Elite to US
May 07, 2015
STATE SUSPENDS APPROVAL FOR EB-5 FUNDED BIOTECH COMPANY
April 29, 2015
Promoter of failed EB-5 project is indicted
March 13, 2015
The dark, disturbing world of the visa-for-sale program
March 13, 2015
SEC & USCIS Take Action to Stop EB-5 Visa Scheme Committing Fraud
March 13, 2015
Huge Chicago EB-5 Multi-Hotel Project Under Scrutiny by Investors
March 13, 2015
Pay-to-stay program sees highs, lows
March 13, 2015
USREDA Successfully Represented EB-5 Investors
May 10, 2013
The Responsibility of Protecting the Investor First
May 02, 2013
EB does it!
March 15, 2013
SEC Halts $150 Million Investment Scheme to Dupe Foreign Investors and Exploit Immigration Program
February 08, 2013

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