EB-5 regional center given to end of month to buy city land
Washington state developers who are using the EB-5 visa program to fund a skyscraper project have until the end of September to buy the land that the structures would be built on from the city.
The Federal Way, Washington, city council recently voted to sell the four acres of property to Twin Development, an EB-5 regional center, for $6.15 million, according to the News Tribune.
The proposed project would erect three skyscrapers, two 45-stories tall and the other 35 stories, in Federal Way that would include condominiums, a hotel, retail space and various other developments. It is expected to cost $300 million.
To help fund the project Twin Development has been using the EB-5 visa program.
The EB-5 visa program was created to help American businesses gain access to foreign capital. If foreign nationals invest $1 million (or in some places, $500,000) in a U.S. business and that investment leads to the creation or preservation of 10 jobs then the investor becomes eligible for a U.S. green card.
EB-5 regional centers, like Twin Development, help to direct and manage these investments.
Luke Hwang, a partner at Twin Development, told the news source that more funding needed to be raised to meet the September 30 deadline, “but we’ll be there.”