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Another hotel development in Milwaukee could utilize EB-5 funding
While the new Marriott Hotel in downtown Milwaukee will be receiving significant funding through the federal EB-5 visa program, another property that could be developed into a new hotel may also utilize the program, the Business Journal of Greater Milwaukee reports.
The city of West Allis is expected to complete the demolition of a restaurant and former industrial factory by the middle of June, and a number of potential hotel developments are currently being discussed for the site, according to the news provider.
According to the news source, the city purchased the site in order to pave the way for a potential $20 million redevelopment project that would include a hotel, retail and office space.
West Allis director of development John Stibal said that the city was currently discussing the site with five potential developers, many of whom are considering using the federal EB-5 visa program to help with funding.
Through the EB-5 visa program, foreign nationals can obtain U.S. green card eligibility by making an investment of $1 million (or $500,000 in some areas) in an American company or project that either creates or maintains at least 10 full-time jobs.