Florida East Coast Realty’s Landmark Tower, Currently Under Construction in Downtown, Is the First Project in the Regional Center Open to Receiving Investor Applications
Announced last year as the City of Miami EB-5 Regional Center’s first EB-5 designated development, the 83-story Panorama Tower currently under construction in Downtown is now officially open to receiving applications from potential investors looking to participate in the City of Miami’s EB-5 program. Panorama Tower is now ready to launch a private placement offering to qualified foreign investors in compliance with all applicable U.S. Citizen and Immigration Services (USCIS) and Securities and Exchange Commission (SEC) rules and regulations.
When complete, Panorama Tower will be the tallest building in the State of Florida and the tallest residential building on the eastern seaboard south of New York. The project, from well-known developer Florida East Coast Realty, LLC (FECR), is located at 1101 Brickell Avenue on the largest parcel of property in the heart of Brickell.
Construction on the site of Panorama Tower has reached the 19th floor, which completes the building’s pedestal. This includes over 100,000 square feet of medically-oriented office space, a 2,000 car parking garage, a 208-room hotel, and over 50,000 square feet of high-end retail space. Also completed is the shell of the recreation deck, which will contain two social rooms; cardio room with over 100 exercise machines; weight room and fitness area; spa and steam room; spinning/training studio; serenity pool, recreational pool, and lap pool; interactive water features; large pool and sundeck areas; and pool deck restaurant. Under the recreation deck, the pedestal also will include a children’s playroom; home theater with seating for 80 people; two interactive cyber rooms; music room; billiard room; wine cellar; and kennel featuring both day-care services and overnight boarding for pets.
The developer estimates that construction of the tower above the pedestal will begin during the week of Thanksgiving this year. This phase includes the residential component, consisting of 64 stories and 821 luxury rental apartments.
Construction of the project thus far has been fully-funded by the developer. It is planned that just up to 15% of the total funding to complete the development will come from EB-5 investors, with the remaining to be funded by FECR.
“It is with great pleasure that we formally announce that Panorama Tower is now open to investors interested in participating in the EB-5 program, and we are proud to be working with the City of Miami on this exciting program that will ultimately create thousands of jobs for our local residents,” says Tibor Hollo. “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. This is true to the mission of the City of Miami’s Regional Center in providing rental housing among other specialty housing,” he adds.
The City of Miami received approval in 2014 for designation as an EB-5 Regional Center for Foreign Investment under the USCIS immigrant investment visa program. The City of Miami EB-5 Regional Center includes the three main South Florida counties of Miami-Dade, Broward, and Palm Beach and is the only fully city owned, managed, and operated regional center in the United States. It is not affiliated with any other regional centers in Florida. The mission of the City of Miami EB-5 Regional Center is to create thousands of jobs for local residents and strengthen economic growth in South Florida. In order to fulfill its mission, the City of Miami will provide top quality foreign investment opportunities by carefully selecting only premiere projects to participate in the EB-5 Regional Center program. The City’s goal is to provide public/private partnership opportunities which directly benefit the community-at-large.
Panorama Tower is expected to cost over $800 million and bring a significant number of jobs to the area, including approximately 1,300 construction jobs necessary to build the new tower. The entire complex will have approximately 192 permanent management employees, 800 tenant employees, and 220 visiting students, making it the perfect development for the EB-5 program. The completion of the new tower is planned for late 2017.
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