Chinese partners are looking for investors to put money in construction of CCCC Miami Towers on the EB-5 program
China City Construction and American Da Tang Group, which plan to develop a mixed-use project worth about $ 1 billion in the Brickell area, Miami, are looking for investors on the EB-5 program to continue construction.
Holding group China City Construction and American CCCC Miami Tang Group in Thailand plan to attract up to $ 350 million in EB-5 investment, according to attorney Roger Bernstein, who co-owns EB-5 regional center sponsoring the development. The regional center in Miami, named American Life Investments LLC, will promote the project among EB-5 investors in China and Latin America, Bernstein said.
American Da Tang and branch of China City Construction have already acquired a site for project construction at 1430 South Miami Avenue in Brickell for $ 74.7 million.
Construction of CCCC Miami Towers is expected to cost $ 875 million in total. The mixed-use project will include residential condominiums, hotel, office and retail space. Project consisting of two towers was developed by architectural bureau Architectonica.
Under the EB-5 visa payment program, foreigners invest $ 500,000 in EB-5 qualification projects in order to gain residency in the United States. The federal program provides 10,000 EB-5 visas annually. About 85 percent of EB-5 investors in the United States come from China, but South Florida have not got any of these investments yet. Bernstein said that Chinese developers’ strategy can change the situation.
“I think this is an important step for making investments in South Florida, which we have been trying to make for a long time,” he said.
As Latin American pool of buyers weakens, designers of luxury condominiums in South Florida expand their search for Chinese buyers and travel to China promoting their projects. Miami Chamber of Commerce recently established a Miami-China committee to help strengthen ties with China while real estate brokers hire special sales agents for Chinese investors.
You can contact Bogatov Realty and get detailed advice on all issues concerning EB-5 program.
