Using a foreign investor program to raise $100 million, the developer of Harbourside says he is building a “Mizner Park on the waterfront” that will attract boaters, shoppers and tourists — and create hundreds of jobs.
“The United States economy crashed. We had to go overseas to find financing,” said Nick Mastroianni, president of Allied Capital & Development, the North Palm Beach-based developers. Opening for the $150 million marina/restaurant/retail/hotel complex on the Intracoastal Waterway is expected in the summer of 2014.
Allied won federal approval three years ago from the Department of Homeland Security to develop Harbourside through an EB-5 regional center. Created in 1990 to attract foreign investment, EB-5 allows foreigners to contribute $500,000 apiece to U.S. businesses in return for them and their families to get visas, apply for green cards and become permanent U.S. Residents.
Including construction, the development will create up to 2,000 jobs, said Mastroianni. The 360,000-square-foot development could generate about $750,000 annually in property tax revenue, according to town records.
While welcoming the new jobs and investment, Councilman Jim Kuretski says the town and state have given too many breaks to the developer. Those include:
A $1.4 million Florida Inland Navigation District grant to build the seawall, docks and pathway for Riverwalk, the town’s 2.4-mile pedestrian and bicycle trail from Ocean Way to the Jupiter Inlet.
Up to $350,000 in revenue annually from town property taxes for up to 15 years would go for Harbourside improvements, for a total of up to $5.2 million. The tax revenue generated in the town’s Community Redevelopment Agency area, which includes Harbourside, would be used to build and maintain infrastructure in the development.
The council did not require Harbourside to comply with the ban on paid parking in the town for the 929-space parking garages. Parking will be validated/paid, the same as CityPlace in West Palm Beach.
Harbourside is repaying a $3.6 million loan from Jupiter to the Northern Riverwalk Community Development District to build the Riverwalk connection. Harbourside has paid down the loan to $1.3 million.
The town spent about $6,000 to send Finance Director Mike Villella to China twice with Mastroianni.
“We have bent over backwards for this developer. The developer needs to have his skin in the game,” said Kuretski, who was the lone dissenter when the 11-acre project was approved by the council in 2008.
Harbourside is providing public benefit through the public docks, water taxi, public amphitheater and the connection to Riverwalk, he said. Allied’s “skin in the game” includes its own equity beyond the $100 million raised through the EB-5 program to build the $150 million project, Mastroianni said.
“This will generate jobs and investment. We will be Jupiter’s downtown,” Mastroianni, 49, an Abacoa resident, said last week as he steered a golf cart between cranes and trucks at the bustling construction site.
Government-supported financing for such projects is not unusual. Property tax revenue has been used to back projects such as City Place in West Palm Beach and Mizner Park in Boca Raton.
The money is well spent, said John True, a Realtor in Juno Beach. A customer recently asked him to find about 4,000-square feet of office space on the water in north county. True came up empty.
“(Mastroianni) is building something that does not exist in north county: a waterfront destination with office and retail. The public will love it,” he said.
Private developments with public assistance — despite the recent Digital Domain debacle that could cost Florida up to $20 million — create jobs and boost economic growth, said Marie York, president of Jupiter-based York Solutions, a planning consulting firm.
“Florida is still lagging in housing and job creation. With the economy picking up, now is the right time,” York said.
Using the EB-5 program, Mastroianni has signed up about 200 foreign residents who have invested $500,000 each. About 65 percent are from China, where Mastroianni said he has been to meet with prospective investors about 20 times. The other investors are from countries such as South Korea, Taiwan, Russia, Brazil, Sweden, Italy, France and England.
The program allows foreigners, their spouses and children younger than 21 to gain U.S. citizenship by investing money in projects in the United States. Each investment must create 10 direct or indirect jobs in two years. All applicants must be approved by Homeland Security.
Florida has about two dozen EB-5 approved projects, two in Palm Beach County.
Nationwide, there are 226 regional centers in 45 states, including a mining/tourism project in Idaho, alternative energy in Michigan and manufacturing in Kansas. The national centers have generated 49,300 jobs and $6.8 billion in investment revenue since 1990, according to figures supplied by the U.S. Citizenship and Immigration Services.
The original Harbourside property was acquired by Jupiter Waterways, LLC, in 2006 for $19.5 million. Mastroianni was one of three partners in the company. The property was sold in July to Harbourside Place, LLC, for $31 million. Mastroianni is listed as manager of the company.
“The hotel and marina, that’s a winner. People from Fort Lauderdale and Miami will come. We have that old Florida feel here in north county,” said north county commercial Realtor Rebel Cook.
Harbourside development:
You can also read the full article from the Palm Beach Post.
通过海外投资计划筹集1亿美金，朱庇特市政中心开发商表示“我们在建一个精彩的海滨购物中心”它不但可以吸引划船爱好者、购物者以及游客，同时也将创造大量就业。
佛罗里达北棕榈滩的联合资本开发集团总裁Nick Mastroianni先生说：“当时美国经济萎靡，我们不得不寻找海外融资。”朱庇特市政近岸海滨中心预计在2014年暑期开业，含1.5亿美元的码头、餐厅、零售以及酒店综合体等。
联合资本集团三年前从美国国土安全部获得联邦政府许可，通过EB-5区域中心开发朱庇特项目。创建于1990年的EB-5投资移民计划允许海外投资人通过投资50万美金到商业项目，为其本人以及家庭获得签证和绿卡，成为美国永久居民。
朱庇特项目预计创造2000个就业机会，含施工就业机会。根据当地记录，36万平方英尺的开发项目每年物业税可达到75万美元。
在创造新就业以及带来投资机遇的同时，国会议员Jim Kuretski 表示针对本项目，当地政府做了大量的支持工作，其中包括：
140万美元的佛罗里达内河航道区专项拨款兴建海堤、码头以及河滨走廊；从大海入口绵延2.4英里到朱庇特镇中心的步行走廊以及自行车道；
从镇税收每年补贴35万美元，补贴15年来支持朱庇特项目建设；总计补贴达到520万美元。朱庇特镇社区重建署的税收将用于补贴该项目区域的基础设施建设和维护；
地方议会并不要求朱庇特项目根据有偿停车方案来为其929个停车库付费。这些停车位将与西棕榈滩的CityPlace一样进行验证支付。
朱庇特项目支付了360万美元的北河滨发展区河滨连接的建设费用，已经支付了130万美元。
当地政府也还花了6000美元安排财务官员Mike Villella来中国两次，与开发商Mastroianni先生一起过来融资。
“对这个开发商我们已经尽全力了。开发商自己还需要投入更多。”Kuretski先生表示，在2008年的议会批准这个11英亩的项目时，Kuretski是唯一反对的。
朱庇特市政中心项目通过公用码头、水上交通、公共露天剧场以及走廊连接等公用设施给市民提供便利。联合资本“自己提供更多”就包括了自身的EB-5投资1个亿完成这个总价1.5亿的项目，Mastroianni表示。
“这会创造就业和投资。我们会成为朱庇特的新中心。”上周他开着高尔夫车就看到项目施工现场起重机和卡车作业的繁忙场景。
政府支持此类项目融资其实也很常见。享受税收补贴的类似项目就有西棕榈滩的City Place以及博卡拉顿市的 Mizner Park 项目。
朱诺海滩的房产经纪人约翰说，资金花销用得其所。客户要求在北端腾出4000英尺的办公区域，真的成型了。
“Mastroianni 正开发建设我们这里北部没有的东西：海滨上的办公以及零售场所。人们会很喜欢的。”他说。
私人开发与公共协助–尽管最近数字领域崩溃可能导致佛罗里达花费2000万美元–但就业和经济增长在继续。朱庇特策划咨询公司的总裁Marie York表示。
“佛罗里达住房和就业仍处于落后状况。”随着经济逐步好转，现在正是合适时机。”York说。
通过EB-5计划，Mastroianni 先生已经与200名海外投资人签署了项目协议，每个投资人投资50万美金。其中65%的投资人来自中国。Mastroianni 先生本人就先后去了中国与这些投资人会见不下20次。其他的投资人来自韩国、台湾、俄罗斯、巴西、瑞典、意大利、法国以及英国。
这个计划允许外籍人、配偶以及未满21岁小孩通过投资美国项目获得美国绿卡。每个投资人在这两年内必须直接或间接创造10个就业机会。所有申请人均需获得美国国土安全部批准。
佛罗里达有很多已经EB-5许可项目，其中两个就在棕榈滩。
就全国范围而言，在45个州遍布了226个区域中心，包括爱达荷州的采矿/旅游项目、密歇根州的替代能源项目、堪萨斯州的生产工厂项目等。从1990年至今，根据美国移民局的数据，全国范围内的区域中心共计创造了49,300个就业机会，投资总额6.8亿美元。
朱庇特市政中心项目原由朱庇特水道公司于2006年以1950万美元购得。Mastroianni先生是该公司原三个股东之一。随后该项目以3100万美元卖给了朱庇特河滨走廊公司，而Mastroianni先生则为该公司经理。
“酒店和游艇码头，这个就够了。罗德岱堡和迈阿密的人们都会过来。在这里大家可以感觉到佛罗里达的原汁原味。”当地房产经纪人Rebel Cook表示。
朱庇特市政中心项目开发:
你也可以点击《棕榈滩邮报》阅读全文
AVAILABLE NOW?
Speak to your EB-5 immigration specialist on WhatsApp.
