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Harbourside groundbreaking in Florida could happen in June
The groundbreaking for Harbourside, a $150 million hotel and marina complex at the site of the Burt Reynolds & Friends Museum in Jupiter, Florida, may take place as soon as June, the Palm Beach Post reports.
The news follows a recent approval of architectural plans for the site, according to the news provider.
"We have our financing ready to go," said Nick Mastroianni, an official with Allied Capital & Development of Florida, the Palm Beach Gardens-based developers.
The waterfront project, which is located on 10 acres of land, was approved in December 2008. The plans entail a 178-room hotel with a rooftop bar, two parking garages, restaurants, a marina and retail stores, according to the news provider.
Allied is reportedly moving forward with a plan with the U.S. Department of Homeland Security to approve the creation of an EB-5 regional center in the complex. The EB-5 visa program allows foreigners the opportunity to obtain a U.S. green card if they make an investment of $1 million (or $500,000 in some areas) in a project that will either create or maintain 10 full-time jobs.
EB-5 regional centers assist in directing and managing these investments and 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 U.S. Citizenship and Immigration Service (USCIS).
Approximately 60 percent of Harbourside's financial supporters come from foreign nationals investing via the EB-5 visa program, Mastroianni told the news provider.
"We couldn't do this project without them," he said.
The recent approval means that Allied now has the ability to apply for building permits, and Mastroianni said that construction should take approximately a year and a half. However, parking issues must be settled before the construction can occur. One discussed plan would allow for the first hour of parking to be free and a maximum daily charge of $12, according to the news source.
Allied is also required to purchase the town-owned vacant First Union Bank facility that is located on the site prior to beginning construction. The building is reportedly valued at $2.5 million, according to the Post.
A determination for the future of the Burt Reynolds & Friends Museum, which is located in the First Union building, has not yet been made. One proposal calls for the museum to be put in the Harbourside complex, the news source said.