University of Miami EB-5 project moving along
The development of the University of Miami Life Science and Technology Park is progressing as the developer of the project, which is getting financial help from an EB-5 regional center, recently signed a lease with the school.
The developer, Wexford Science and Technology, can occupy 80,000 square feet of office and lab space in the first building of the park as a result of the lease, according to the Miami Herald.
Helping Wexford to finance the construction project is the BirchLEAF Miami 31 Regional Center, an EB-5 regional center.
The EB-5 visa program was created to allow foreign nationals the chance to earn U.S. green cards if they invest $1 million in an American business and, as a result of that investment, 10 jobs are created. EB-5 regional centers were created to help direct and manage EB-5 investments. Some regional centers, like BirchLEAF, are in Targeted Employment Areas, which are distinguished by their high unemployment rate, and only a $500,000 investment is needed.
Construction is moving ahead on the 252,000-square-foot first building of the university’s Life Science and Technology Park, which is expected to be completed in the summer of 2011.