Gold Coast Florida Regional Center opens its doors
Foreign nationals looking for an EB-5 investment opportunity now have one more option, as the Gold Coast Florida Regional Center recently announced that it’s officially open for business.
The Gold Coast Florida Regional Center will focus in real estate investment and development opportunities. The EB-5 regional center was approved in May by the U.S. Citizenship and Immigration Service (USCIS), which oversees the EB-5 visa program.
The EB-5 visa program was established in 1990 to increase foreign investment in the U.S. By investing $1 million in an American business, foreign nationals can become eligible for green cards, if that investment leads to the creation or preservation of 10 jobs.
EB-5 regional centers were created several years later to help manage and direct the investments in the program. An EB-5 regional center can be “any economic unit, public or private, which is involved with the promotion of economic growth, improved regional productivity, job creation, and increased domestic capital investment,” according to the USCIS’s website.
Some EB-5 regional centers, like the Gold Coast Florida Regional Center, are designated Targeted Employment Areas, which are distinguished by having an unemployment rate at least 150 percent higher than the national average. Only a $500,000 investment is needed in such areas.
Developer Charles “Chip” Abele, one of the founding partners of Gold Coast Florida Regional Center, believes that the EB-5 visa program will help Florida’s economy.
“As an officially designated Regional Center, we will solicit international investments for select South Florida projects that fuel jobs and economic growth. Projects can be funded without bank loans or debt, enhancing potential for profitability,” he said.
In addition to helping the state’s economy, the EB-5 visa program gives foreign nationals a chance to live in America, something that Abele knows is important.
“Regional centers are a win-win situation because they create new jobs that, in turn, infuse our economy with much-needed capital while providing those willing to invest in American productivity avenues toward permanent residency,” he said.
The first project undertaken by the recently-formed Gold Coast Florida Regional Center will be the Hollywood Circle development in Hollywood, Florida.
The project intends to invigorate downtown Hollywood by providing the area with a mixed-use development, which will house a boutique hotel, nearly 400 residential apartments, a supermarket, a restaurant and retail space.
Abele estimates that his regional center will bring more than $850 million in investments and over 18,000 jobs to South Florida in the next five years.