EB-5 program being used to help build Orlando soccer stadium
The owner of Major League Soccer’s Orlando City S.C., Flávio Augusto da Silva, is using the EB-5 investor program to help fund the construction of a stadium near downtown Orlando, according to The New York Times. In exchange for a $500,000 stake in the stadium, investors are able to secure a temporary green card, annual dividends from the stadium, and two season tickets.
The $156 million stadium is thought to be the first project of its kind to draw upon the EB-5 investment program. Mr. da Silva was forced to turn to foreign investors after lawmakers in Florida elected not to subsidize the stadium, contrary to an earlier agreement. Despite it all, Mr. da Silva expects that nearly half of the costs for construction will be collected through the EB-5 program.
As of now, around thirty investors are thought to have already invested around $15 million into the project, which accounts for around ten percent of the total cost of the project. The 25,000-seat stadium is set to open in 2017 when the Orlando City S.C. and the Orlando Pride can call the stadium their own.