Florida Regional Center looks into biotech
One of the most appealing aspects of the EB-5 visa program is that it allows investment in a wide range of industries. One EB-5 regional center in Florida is taking full advantage of the opportunity to direct investment into a number of different types of projects.
The Florida Regional Center’s first project is called Harbourside Jupiter and involves bringing a hotel, restaurants, retail stores, parking garages and a pedestrian walkway along the waterfront to the community. The EB-5 regional center also intend to help revitalize the local biotech manufacturing industry, according to the Palm Beach Post.
The development cost of Harbourside Jupiter is estimated to be $139 million with just under $80 million of that coming from foreign nationals using the project as an EB-5 investment opportunity.
The EB-5 visa program allows foreign investors a chance to earn U.S. green cards. If $1 million are invested in a U.S. business and that investment leads to the creation of preservation of 10 new jobs, the investor becomes eligible for a green card. To help manage and direct these investments, EB-5 regional centers were created.
These entities can be private entrepreneurs, corporations or government agencies. Some EB-5 regional centers, like the Florida Regional Center, are located in Targeted Employment Areas (TEAs), which are distinguished by an unemployment rate higher than the national average. Only $500,000 need be invested in these areas for foreign nationals to become green card eligible.
The Florida Regional Center is doing more than just building a new shopping center, however; they also want to get involved in the the biotech industry in Jupiter.
Nick Mastroianni, the manager of Allied Capital & Development of South Florida, Harbourside Jupiter’s developer, thinks that the expansion into the biotech field could bring a lot of jobs to the area.
“We have a jobs creation problem here, and we need to find ways to stimulate our economy locally,” he told the news source.
With biotech manufacturers Scripps Florida and Max Planck Florida, the move into the field would be natural for the Florida Regional Center.
Town officials in Jupiter are also excited about the job creation opportunities that the EB-5 regional center might bring.
“The Regional Center will strengthen our position in the biotech community by providing much needed financing options,” said town manager Andrew Lukasik.
The Florida Regional Center has something else working for it besides its variety of EB-5 investment opportunities. The EB-5 regional center has enlisted the expertise of Exclusive Visas, an EB-5 consulting firm, to help the develop the Harbourside Jupiter project and their various other ventures.