Upcoming Condo Project First Under New EB-5 Immigration Policy
Dec 19, 2014 December 19, 2014
In light of the new immigration policies, Tibor Hollo has been the first to have a project approved for the EB-5 program under the City of Miami’s new Regional Center for Foreign Investment program.
Hollo’s project, Panorama Tower, will be the tallest residential tower on the eastern seaboard south of New York. The 83-story project will be located at 1101 Brickell Avenue, and will cost approximately $800 million.
The EB-5 program, which allows for immigrants to get a visa if they invest $500,000 in approved projects and create 10 jobs, is approving this project because of the projected creation of 1,300 construction jobs, 192 needed managers, 800 resident employees, and 220 visiting students to the city.
Panorama Tower itself will include a 19-story pedestal, which will have over 100,000 square-feet of office space, a 2,000 space parking garage, a 208-unit hotel, and over 50,000 square-feet of retail and restaurant space. Above the pedestal, there will be 64 floors containing 821 apartments.
The project’s completion date is said to be in early 2018.
Photo credit: Panorama Tower - curbed.com