29 Jun Harbourside Place EB-5 Project to create thousands of jobs in Florida
It is estimated that an EB-5 regional center project in Florida will create 2,000 local jobs.
The project, located in Jupiter, Florida, is run by the U.S. Immigration Fund and is called Harbourside Jupiter. Managers hope to bring a hotel, restaurants, retail stores, parking garages and a pedestrian walkway along the waterfront to the Sunshine State community. There are also plans to build slips for 21 boats.
Although the U.S. Immigration Fund is still awaiting approval of their application for regional center status, submitted to the U.S. Citizenship and Immigration Services on April 12, it is reported that the project has significant governmental support on the local, state and federal levels.
The EB-5 visa program allows foreign nationals to become eligible for their U.S. green cards if they invest $1 million in an American business and that investment leads to 10 new jobs. Regional centers were introduced to the EB-5 program to connect investors with projects that could use their funding, and in turn help them move to America. Regional centers can be entrepreneurs, corporations or government agencies who work on projects within a defined geographic area.
Some regional centers, like the U.S. Immigration Fund, are located in targeted employment areas (TEA), which are distinguished by having an unemployment rate higher than the national average. TEAs can be important for EB-5 investors because only a $500,000 investment is required.
The total development cost of the project is $139 million, with nearly $80 million of that coming from EB-5 investors. The estimated 2,000 jobs that the project will generate will far exceed the 1,600 that would be required for all of the investors to become eligible for their U.S. green cards.
Part of the funding for the 10-acre project may come from the town of Jupiter’s Community Redevelopment Agency (CRA), which could contribute up to $350,000 a year.
Mayor Karen Golonka wants the CRA to help with the development.
“It’s essential we use CRA funding,” she told the Palm Beach Post. “The docks, Riverwalk, parking and amphitheater are public uses that justify the public investment.”