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Jupiter extends deadline for Harbourside Jupiter project
The Florida Regional Center got a bit of breathing room from the town of Jupiter, Florida, which voted to extend a deadline in order to allow the U.S. Department of Homeland Security to finalize the certification of the EB-5 regional center.
Jupiter’s town council voted 3-0 to extend the deadline requiring the Florida Regional Center to verify that it has financing in place for the Harbourside Jupiter project from June 1 to October 15, reports the Palm Beach Post.
The current plan in place is for the Florida Regional Center to purchase the First Union Bank property from the town for $2.5 million. The Harbourside Jupiter project includes a hotel, office and retail space and a parking garage, and is planned to go up at the site.
The Florida Regional Center is an EB-5 regional center that participates in the EB-5 visa program, which allows foreign national to become eligible for U.S. green cards if they invest $1 million in an American business and that investment leads to the creation of 10 jobs. Regional centers help direct and manage the investments and some are designated Targeted Employment Areas, like the Florida Regional Center, and only require a $500,000 investment.
According to Nicholas Mastroianni, the president of the Florida Regional Center, the Harbourside Jupiter project is “shovel ready.”