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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.

Real Estate Advisory Services - Senior housing consultants

Richmond Senior Village – Project Feasibility

Confidential  Client  |  Project feasibility evaluation in progress; involves redevelopment (regeneration) of now demolished facilities.   Project site in the greater Richmond (Virginia) area.

 

Work includes evaluation of highest-and-best development opportunities for the site, with detailed evaluations of specific land uses.    A continuum of care concept for seniors is part of concept testing, along with specific categories of the continuum including free and independent living, assisted living for seniors, skilled nursing facilities, and the like.   Non senior land uses are also in evaluation.

 

Work as opportunity zone consultants also includes entitlements, zoning and permitting review, capital budgeting, operating projections, and project risk assessment.

 

 

Opportunity Zone Consultants

Burton Station Urban Village

As real estate consultants for project feasibility, StoneCreek Partners provided feasibility analysis, a conceptual site plan and rapid-prototyping massing study, and business plan for proposed mixed-use urban village to be developed on infill properties in Virginia Beach, Virginia. Components of the urban village to include office space, main street retail, hotel, senior living, and for-sale housing.

 

In addition to the subject Project, the neighborhood in which the Project is situated continues to be a major focus for redevelopment and regeneration, for developments featuring for-sale housing, apartments, and shopping facilities.  One of the more recent developments in the neighborhood is Norfolk Premium Outlets, a Simon Property development which opened in June 2017.    A new regional IKEA store is now in development in close proximity, further enhancing the regional retail draw of the Project’s immediate neighborhood.

 

The Project site is well situated within the Hampton Roads region, just off the Hampton Road Beltway (Interstate 64).    The Hampton Road Beltway is the primary transportation route through the Hampton Roads region.   Hampton Roads refers to the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan area, which includes the cities of Virginia Beach, Norfolk, Chesapeake, Hampton, Newport News, Portsmouth, Suffolk, Poquoson, and Williamsburg.   The resident population of the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan area ranks among the top 50 metropolitan areas of the U.S.

 

Redevelopment Project Consultants - mixed-use development consultants

Harbor Park Ideation & Master Planning

aec   Providence Partnership LLC  |   Ideation and conceptual master planning for mixed-use gaming destination at Harbor Park, Virginia.  The entire project site is situated within a Federally-designated Opportunity Zone.    Harbor Park is situated along the Elizabeth River (Norfolk harbor) – a working harbor featuring shipbuilding, refitting, etc., and associated with the largest naval base in the world.

 

Infrastructure issues include rerouting E. Water Street to connect directly with Park Avenue, and possibly rerouting Tide light rail line to follow a new E. Water Street / Park Avenue alignment.   Power lines of Dominion Energy are the main power source serving downtown Norfolk and would need to be rerouted.     As well, the entire site would likely need to be raised to meet 100-year floodplain issues, with the existing seawall rebuilt.

 

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.

 

 

Contact us for more information, we'll enjoy hearing from you.