EB-5 regional center proposes 45-story hotel
After receiving designation as an EB-5 regional center by the U.S. Citizenship and Immigration Services (USCIS), the real estate firm Twin Development announced plans on Wednesday to use foreign investment garnered through the immigration program to build the tallest building between Seattle, Washington and Portland, Oregon.
The firm’s co-manager Steve Smith, and two Korean-American partners Luke Hwang and Pom Kwak, are planning to construct at 45-story condo tower called the Sky Hotel & Residences, the Seattle Times reports.
Smith and his partners expect that the project will cost about $225 million and are looking for potential foreign investors through the EB-5 visa program, in which financiers can exchange investment for U.S. residency.
Leveraging their EB-5 regional center status, Smith and his partners have been pitching the project to Korean investors for several months as the project’s home, Federal Way, Washington, has a large Korean-American population.
Smith told the news source, “It’s gone very well.”
He added that investors would be given the option to convert their investment into ownership of a unit in the building.
There are currently 82 EB-5 regional centers in the U.S., according to the USCIS.