Almost Half of New CCCC Miami Towers Funding May Come from EB-5
Nov 25, 2015 November 25, 2015
Conceptualized CCCC Miami Towers developed by China City’s Construction will cost about $875 million in construction costs.
Developers have previously stated plans to build a 3.2 million square-foot two-tower development that would top off at 1,069-feet, pending FAA Approval.
China City believes they will be able to receive $350 million in funding through the EB-5 program. If that plan doesn't pan out, however, they say they are able to finance it themselves. The EB-5 program is a controversial green card granting program targeting foreign investors. This program is set to expire on December 11th unless Congress renews it.
“The regional center will protect the investors’ rights and make sure the development complies with USCIS regulations and specific EB-5 requirements tied to job creation and more,” an attorney for China City said.
CCCC Miami Towers plans to create about 10,000 jobs through both direct and indirect employment. This would pump about $1B into the local economy.
Photo credit: thenextmiami.com