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EB-5 Program Reauthorized

The EB-5 Program is Reauthorized

President Biden signed legislation today with the effect that the EB-5 program is reauthorized, in particular its Regional Center component, effective now through September 30, 2027.  The program is part of the EB-5 Reform and Integrity Act of 2022 (the “Act”), which itself is part of the Omnibus spending bill signed by the President.

 

The reauthorization of the Regional Center program follows an almost 9 month lapse, when prior efforts failed to extend the program beyond July 1, 2021.  The Regional Centers aspect of EB-5 have allowed foreign investors a special opportunity to invest in high-profile developments that they likely would not otherwise find accessible.  The EB-5 program had its controversies and numerous parties had worked to place safeguards to prevent fraud and encourage investment in areas that followed from the original intent of the program.

 

The EB-5 program allows foreign investors to invest a specified amount of capital into a U.S. enterprise that creates American jobs, in return for permanent residency.  With passage of the EB-5 Reform and Integrity Act of 2022, changes were made to the program to presumably improve its implementation.  The new legislation emphasizes compliance with EB-5’s intent along with enforcement procedures.   Program sponsors under EB-5 will face greater scrutiny in recordkeeping, investment types, audits, and investor communications.   The minimum EB-5 investment amount now increases to $800,000 from the current $500,000 for Targeted Employment Areas and Rural Areas,  and, changes to $1.05 million from the current $1.0 million for Non-Targeted Employment Areas.  These changed minimum investments apply to both regional center and direct EB-5 investments.

 

With the news that the EB-5 Program is reauthorized, a backload of foreign investors who were in the midst of processing last June, will hopefully soon see progress in the processing of their investment / visa applications.

 

The EB-5 Immigrant Investor Visa Program was created in 1990 by the Immigration Act of 1990.

Office and Industrial Consultants - An example of design charrette facilitation by StoneCreek Partners, here, one of the exhibits prepared for the sessions.

Business and Social Lounge – Ideation

aec   Confidential Client  |  Ideation and experiential design for niche business and social lounge.  For First Unit beta in Greater Los Angeles and multi-site roll-out thereafter, after testing.

 

Illustration work shown here is a product of aec‘s Rapid Prototyping Unit, combining feasibility results with preliminary project scaling, layout, and overall guest experiential design – created to assist Ownership group in confirming design intent and project budgets.

 

 

https://www.sciencedirect.com/science/article/abs/pii/S0166497216000183

Conceptual Design for Technology Incubator

Conceptual design for technology incubator, along with business plan, for roll-out in strategic partnership with universities in key Sub-Saharan metro markets.   As office and industrial consultants, StoneCreek Partners provided the facility conceptual design and associated business plan for a right-scaled roll-out of technology business incubator facilities in urban Accra (Ghana) and Lagos (Nigeria), among other key Sub-Saharan regions.

 

The conceptual design provides for alternative gathering places within the incubator facility, each intended for differing and flexible meetings, whether investor pitches, online digital conferences, tech demonstrations, Agile sprint sessions, and the like.   One meeting room was design with lateral ideation sessions in mind, with an array of pin surfaces, writing surfaces, digital displays, and ideation recordation means.

 

As commonly understood, a technology business incubator is a type of business incubator focused on supporting startups which use modern technologies as the primary means of innovation.   Incubator facilities are focused version of co-working venues with additional support to founders, mentoring, potential access to investors, and other collaborative support.

 

There are technology business incubators that operate by invitation to interesting new startups.   Some national and regional governments promote technology business incubators as an essential means of economic development.

 

 

Conceptual Design for Technology Incubator

Tech incubators are a unique opportunity for economic development programs.

Office and Industrial Consultants

Los Angeles Downtown Mixed-Use – Partnership Deal Structuring

Parkhill Partners, LLC  |  Real estate project consultants providing feasibility and financial analysis support in support of master-plan by Parkhill Partners.   Parkhill was the development company for City Centre Development which was ultimately acquired for development Greenland USA, as The Metropolis.

 

The 161,000-square-foot site is between 8th, 9th and Francisco streets and the Harbor Freeway.

 

Global Real Estate Consultants - office and industrial

Due Diligence for Science Park

Due diligence for science park, and technology incubator, envisioned for the Destiny Africa Ecosphere mega-development planned for George, South Africa.   Destiny Africa Science & Technology Park was  envisioned as a cutting-edge research and development facility as part of an economic development strategy for the George region of South Africa.   The business park was intended to specifically include select life sciences companies as part of  the initial tenant mix.

 

The park was designed to operate in close association with major regional colleges and universities, as well as South African and international companies.  A project of KDMC, the 456-hectare Destiny Africa development in George was to include a business incubation park, a knowledge park, and the science and technology park.   George is a city in South Africa’s Western Cape, on a coastal stretch known as the Garden Route.

 

 

Due Diligence for Science and Technology Park

StoneCreek Partners prepared various due diligence in connection with the project.   A feasibility analysis of the market support for such a facility, with extensive review of comparable projects in other world regions in order to benchmark the facility standards for Destiny Africa.

 

As part of the due diligence for this science and technology park, a detailed evaluation of the long-haul convention and conference business was included with the work.

 

 

The overall project was master-planned to include retail and commercial developments such as hotels, destination conference/meeting facilities, shopping areas and residential property.

 

According to the International Association of Science Parks and Areas of Innovation, … a science park is an organisation managed by specialized professionals, whose main aim is to increase the wealth of its community by promoting the culture of innovation and the competitiveness of its associated businesses and knowledge-based institutions.   To enable these goals to be met, a Science Park stimulates and manages the flow of knowledge and technology among universities, R&D institutions, companies and markets; it facilitates the creation and growth of innovation-based companies through incubation and spin-off processes; and provides other value-added services together with high quality space and facilities.   The expressions “technology park”, “technopole”, “research park” and “science park” encompass a broad concept and are interchangeable within this definition.  The acronym STP (science and technology park) is used to refer to all of these expressions.

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