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Harbourside project attracting foreign investors through EB-5 visa program
Nick Mastroianni, the developer of the waterfront Harbourside project in Jupiter, Florida, is utilizing the federal EB-5 visa program in order to generate revenue, according to a recent article in the Palm Beach Post.
Mastroianni told the news provider that since American banks are not lending money, he has traveled to South Korea and China to seek funding for the $150 million project. 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.
"China is economically strong. We are weak. I go there because the investment money here has dried up," Mastroianni told the news source.
The developer won approval from the Department of Homeland Security in September to gain EB-5 regional center status for the Harbourside project. According to the U.S. Citizenship and Immigration Services (USCIS), a regional center is defined as "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."
Currently, the state of Florida has 16 EB-5 approved projects, with three allowed to operate across the state and two only in Palm Beach County, according to the news provider. The others can reportedly operate only in specific metropolitan areas in Florida.
Some of the projects that have been approved for the EB-5 visa program include a restaurant and retail center in Sarasota and construction firms in Miami, the news source said. In all, there are about 120 approved projects in 35 different states.
Luz Riazaba, a spokeswoman for the USCIS, told the news source that approximately 180 more developers have applied for EB-5 approval and are currently undergoing the checking process required by Homeland Security.
"We look carefully at the viability of job creation. We don't want people to lose their big investment," Riazaba said. "Any person who has ever been arrested, cited, charged, convicted or detained by a law enforcement officer must provide certified copies of the arrest report, court disposition, sentencing, and any other relevant documents."
Some supporters of the Harbourside project have said that the EB-5 approval will allow for the creation of up to 2,000 jobs, including 800 full-time with the rest being indirect including food vendors for the restaurants.