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

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