EB-5 regional center to hold informational event in Seoul
Shortly after the real estate and developing firm Twin Development was approved as an EB-5 regional center by the U.S. Citizenship and Immigration Services, the enterprise has vigorously reached out to South Koreans in an attempt to draw investors seeking EB-5 immigration status.
Managers of the regional center, based in Federal Way, Washington, plan to construct a 45-story condo tower called the Sky Hotel & Residences using foreign investment, the Seattle Times reports.
Over the weekend, Federal Way announced that it will spend up to $50,000 to market an event in Seoul, planned for early April, that looks to attract potential South Korean investors as shareholders for the development project, according to the News Tribune.
Federal Way City Council member Mike Park, a native of Korea, told the news source, “During an economic downturn, I think this is the perfect time to plan for the future.”
In addition to the construction of the condo tower, city planners propose using investments under the EB-5 visa program to finance a second skyscraper, a program aimed at turning innovative medical devices into local businesses, and smaller developments in six other Washington cities.