High-Profile Condo Project Makes Use of EB-5 Program
Construction on what will be the tallest apartment building in the United States is underway in Manhattan. The developer, Extell Development Co., has been seeking foreign investors through the EB-5 immigration program to raise $200 million to finance the building. The luxury tower, which will be known as Central Park Tower, will be located on what has been dubbed “billionaire’s row” and is expected to rise to 1,550 feet.
The EB-5 program was designed to offer permanent residency to foreigners in exchange for investments in U.S. businesses expected to bring jobs to impoverished neighborhoods. Though the program was developed to bring assistance to areas with high unemployment, many projects utilizing the program are located in prosperous areas. Extell’s newest tower is no exception.
According to Extell’s chief executive Gary Barnett, the Central Park Tower will create thousands of jobs. The company is currently seeking around 380 investors to contribute $500,000 each.
To see how the EB-5 program may help you immigrate to the United States, contact an EB-5 attorney of AmLaw Group at (305) 509-6400.