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Jupiter gives developers of Harbourside more time to obtain financing
The Jupiter, Florida town council has decided to extend the deadline for the $150 million Harbourside marina and hotel development to obtain the necessary financing, the Palm Beach Post reports.
Allied Capital and Development, which is based in Palm Beach Gardens, needs to have 100 investors with overall deposits totaling at least $50 million by May 15, the council decided recently. The council vote to decide the issue was 4-1, with councilman Jim Kuretski reportedly dissenting.
According to the news provider, Allied is financing the Harbourside development project using the EB-5 visa program. Through this program, foreigners can obtain U.S. green card eligibility by making a $1 million (or $500,000 in some targeted areas) investment in an American company or project that either maintains or creates at least 10 full-time jobs.
The Harbourside project includes plans for a five-story, 178-room hotel featuring a rooftop bar, two parking garages with a total of 900 spaces, restaurants that include outdoor seating, retail stores and a marina, according to the news source.
The complex is expected to be constructed on the site of the Burt Reynolds & Friends Museum and no determination has yet been made regarding the future of that facility, the news provider said.