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Chinese Developers to Seek EB-5 Funding For Brickell Towers

China City Construction, American Da Tang Group Hope to Use Investor Visa Funding For Up to 40% of Construction Costs of Mixed-use Development
November 10, 2015
An attorney connected with China City Construction Holding Group and American Da Tang Group said the developers are turning to EB-5 investors to help fund construction of the planned CCCC Miami Towers in Miami’s Brickell area.

Up to $350 million of the $875 million construction cost of the mixed-use project that will include residential condominium, hotel, office and retail space would come from EB-5 investors, said Miami attorney Roger Bernstein, who co-owns the Miami-based EB-5 regional center, called American Life Investments LLC.

American Life Investments will promote the project among EB-5 investors in China and Latin America and make sure the development complies with federal regulations and specific EB-5 requirements tied to job creation and other rules, Bernstein said.

Construction of CCCC Miami Towers would cost $875 million. Up to $350 million would come from EB-5 investors. The mixed-use project will include residential condominium, hotel, office and retail space.

Under the EB-5 investor visa program, foreigners invest $500,000 in qualifying projects in order to obtain U.S. residency. To qualify, the development must create at least 10 direct and indirect jobs per investor.

The federal program grants 10,000 EB-5 visas every year. Nearly 85% of EB-5 investors in the U.S. come from China, so this strategy would help attract additional high-net-worth Chinese investors to Miami, Bernstein said.

CCCC Miami Towers would create close to 10,000 direct and indirect jobs, inject close to $1 billion into the local economy and help increase commerce between South Florida and China, Bernstein said.
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