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Brooklyn project gets help from EB-5
The Brooklyn Naval Yard’s expansion projects is hoping to draw $125 million from EB-5 investors.
The projects will include the expansion of the yard itself and improvements to Steiner Studios, a film and television studio that is on the same site as the naval yard, according to the Wall Street Journal.
The EB-5 visa program gives foreign nationals an opportunity to earn their U.S. green cards. If they invest $1 million in an American business and that investment leads to the preservation or creation of 10 jobs then they become green card eligible. Certain areas are designated Targeted Employment Areas (TEA) and only require a $500,000 investment. TEAs are distinguished by their unemployment rate being higher than the national average.
The area surrounding the Brooklyn Naval Yard is considered a TEA.
The project is expected to create 2,800 construction and permanent jobs, which would be more than enough to satisfy the requirements for all EB-5 investors involved.
Construction is expected to take about 18 months and will begin in June. New York City is also contributing $61 million to the project.