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Project counting on EB-5 funding in Washington state falls apart
A contract between the city of Federal Way, Washington, and Twin Development to construct a high-rise project in the downtown area has dissolved, according to the Seattle Post-Intelligencer.
The announcement was reportedly made by city officials after the purchase and sale agreement had been subjected to seven extensions over the span of three years, the news provider said.
Twin Development was counting on Federal Way's EB-5 regional center status to attract foreign investors for the project, according to the news source.
Through the federal 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.
The U.S. Citizenship and Immigration Services (USCIS) defines an EB-5 regional center – such as the one that covers Federal Way – 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."
While the contract for the high-rise project has dissolved, the mayor and the city council are both looking into options to utilize the property to promote the area's economic development, the news source said.