Why this EB-5 investor is putting his money on Miami's Panorama Tower

Why this EB-5 investor is putting his money on Miami's Panorama Tower

A software engineer from Calgary, Canada, said he is ready to put down his half-million-dollar investment for Miami's Panorama Tower once the paperwork is available.

He is one of scores of foreign investors looking to secure U.S. visas through the EB-5 program. "We are getting investor interest from all over the world," said Mikki Canton, managing director of the Miami EB-5 Regional Center in an interview last month.

Dylan, who does not want to be identified by his last name or his company, said he felt secure investing through the Miami EB-5 Regional Center, which represents the Panorama Tower. The center is one of 800 other regional centers across the country.

"Because it's a government body, I think it will be a little more regulated and they would be more likely to perform the job and actually get a return on my investment," he said.

Most EB-5 regional centers are privately owned.

Dylan hopes to immigrate to the U.S. in the next year and a half to secure a better job in Silicon Valley, where he said there are more opportunities in his field.

The EB-5 immigrant investor program would allow Dylan to secure his residency in the U.S. after he puts down $500,000 into the Panorama project. Panorama is looking for immigrant investments to fund at least 20 percent of the $800-million project.

The Panorama Tower is the sole project being represented by Miami's Regional Center and is being developed by Florida East Coast Realty. The 83-story tower is expected to have 821 apartments, 208 hotel rooms, 100,000 square feet of medical office space, 50,000 square feet of retail and restaurant space and a 2,000-car parking garage.

Source : bizjournals


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