LCR Capital Partners is excited to announce that the Legacy Hotel & Residences EB-5 project in the vibrant Miami World Center has successfully secured the I-956F approval from the United States Citizenship and Immigration Services (USCIS) on March 16, 2024. This pivotal achievement underscores the project's commitment to contributing significantly to the US economy through substantial job creation and adhering to the stringent guidelines set forth by the USCIS for the EB-5 Immigrant Investor Program.
Reduced Risk, Enhanced Confidence
The Legacy project is forecasted to generate 6,058 jobs, 63 jobs per investor, far surpassing the USCIS requirement of creating 10 jobs per investor. This robust job creation metric exemplifies the project's economic impact and the power of the Legacy business plan.
"Legacy Hotel & Residences is positioned at the forefront of Miami's explosive growth, strategically tapping into the burgeoning demand for iconic buildings, short-term rentals, and wellness-centric spaces. Our vision for this project was crafted with precision, aligning with the evolution of the Miami Center as a key destination," stated Dan Kodsi, CEO of Royal Palm Companies. "This is not just about constructing a building; it's about creating a community that resonates with the modern lifestyle, where luxury meets convenience and wellness. The success of our business plan is rooted in our ability to anticipate market trends, and with Legacy, we are setting a new standard for what it means to live and invest in Miami's future."
Sherman Baldwin, CEO of LCR Capital Partners, expressed enthusiasm for the project's trajectory, highlighting the successful sell-out of the condominiums before groundbreaking and the full leasing of the wellness office space, attributing these milestones to the strategic business plan developed by Royal Palm Companies.
Baldwin remarked, "Legacy’s I-956F approval and the business plan quality make it a magnet for investors seeking to secure their immigration pathway by investing in a strong project that will contribute meaningfully to the US economy. The I-956F approval means the business plan is compliant. The building’s sales team's success shows the business plan's quality. RPC is currently working on the 17th floor, which means they are executing the plan. This will be a fantastic addition to the Miami skyline.”
Formal Eligibility for EB-5 Investment
With the I-956F approval, Legacy Hotel & Residences is an officially approved EB-5 investment, ensuring that the project's financial structure and immigration risk are aligned with the latest EB-5 legislation requirements. This solidifies the project's stance as a premier investment opportunity under the EB-5 program, distinguished by its strategic location and comprehensive development plan.
Strong Market, Experienced Team
The project is developed by the experienced Royal Palm Companies, with a 40-year history of over $3.5 billion in diversified real estate assets, ensuring a combination of luxury, elegance, and innovation. The EB-5 team includes industry-leading companies with decades of EB-5 experience, including Saul Ewing for immigration and securities law, Baker Tilley for business plan and econometrics analysis, and JTC Group for fund administration and escrow services.
The Legacy Hotel & Residences, part of the transformative Miami Worldcenter, is set to redefine luxury and hospitality in downtown Miami, offering a unique blend of residential and hotel accommodations, alongside an array of high-end retail and wellness amenities.