Communities across the country are using EB-5 investments to fuel job growth, build vital infrastructure and diversify local economies. The following is only a sampling of the thousands of valuable projects made possible by EB-5 nationwide:
In an effort to add some character to Baltimore’s collection of hotels, developers are conducting a top-to-bottom renovation of the historic former home to the first Baltimore YMCA to bring a Hotel Indigo to the city. Shaffin Jetha, the developer, said, “If you look at Baltimore hotel stock, we are very branded and very cookie-cutter, and there is a need for less cookie-cutter.” This Intercontinental Group franchise will create at least 120 new jobs for Baltimore.
Developers are looking to EB-5 to build new facilities to meet the growing demands of the University of Maryland. In its College Park campus, international investors are helping bring 238 new units of much needed graduate student housing for University of Maryland students. The “Metropolitan” will also bring 4,500 square feet of retail space to the growing university campus. $16.5 million of the $63 million needed to break ground will come from EB-5 financing, which will create at least 330 jobs.
EB-5 financing will also help bring a four-diamond luxury hotel directly across from the University of Maryland’s “Main Gate.” With 297 guest rooms and luxury amenities, including restaurants and an Elizabeth Arden “Red Door” spa, the hotel will be a boon to the College Park community.
A 1960s-era, vacant office building – previously a Bank of America – in downtown Baltimore is being converted into a Class A residential and retail property near the Inner Harbor. Across the street from Mercy Hospital, and a few blocks from Johns Hopkins Hospital, the project is ideally situated in close proximity to the city’s largest employers. 225 North Calvert has been designed to accommodate and appeal to the recent influx of young professionals whose population in downtown Baltimore has been quickly increasing. The building has modern comforts and amenities that appeal to millennials, which have long been available in Class A apartment buildings in Washington, D.C., but are a new addition to the city of Baltimore as it continues to be revitalized through new development. A total of 936 jobs are expected to be created as a result of 225 North Calvert.
While it is now one of the fastest-growing neighborhoods in the District, the Anacostia riverfront in Washington, D.C. had long been neglected. The relocation of the Naval Sea Systems Command (NAVSEA) to the Navy Yard in 1995 sparked initial development of the area, and in 2007 the U.S. Department of Transportation followed suit by establishing its new headquarters in the Capitol Riverfront. EB-5 financing is currently being used to develop Riverfront at the Navy Yard, a multi-family residential and retail development that is expected to create more than 850 jobs, and has added to the momentum of the now-booming waterfront construction.
The site of The Beatles’ first U.S. concert, the Uline Arena/Washington Coliseum and its surrounding neighborhood in Northeast Washington, D.C. fell into disrepair after civil unrest in the 1960s, and the iconic building was relegated to serving as a trash transfer station. Saved from demolition by the D.C. Preservation League, and officially added to the National Register of Historic Places in 2007, the Coliseum/Uline Arena is now undergoing another transformation. The Coliseum is being redeveloped into 174,000 square feet of Class A, creative loft office space, and 70,000 square feet of retail space in the heart of the newly-transitioning NoMa neighborhood. A total of 1,023 jobs are expected to be created. National retailer REI signed a long-term lease to occupy the majority of the retail space for its fifth flagship store in the country, while office tenants include Netherlands-based creative co-working company, Spaces. The developer of the project, Douglas Development Corporation, will be moving its corporate headquarters to the Coliseum upon its opening.
Coherix Inc., a global supplier of high-speed, high-definition 3D visualization and inspection solutions for manufacturing, will receive a total of $10 million in EB-5 investment for improvements to their own manufacturing processes. The company has technical centers in Europe and the Asia Pacific Region, serving companies such as Intel, Amkor, BorgWarner, Ford, Honda, Allison, Chrysler, General Motors, Micron, Infineon, John Deere, Volvo and Aisin. These investments will bring 200 much-needed jobs to Detroit.
Green Box NA, a Wisconsin producer of recycled products, will use EB-5 financing to construct two new waste processing facilities in Detroit and Cheboygan, Michigan. The new facilities will reclaim 100% of over 500 tons daily of organic solid waste, mostly commercial material like scrap paper from the restaurant industry in and around Detroit. Every day, the material will be recycled into bath, facial, napkin and towel tissue products as well as 12 megawatts of electricity, 48,000 gallons of biofuels and diesel and oil fuel pellets and 38 tons soil amendment products– all without any waste-water discharge, and without any waste material going to landfills. The energy products will likely be sold to neighboring state utilities. These two facilities are expected to create about 331 jobs in total, nearly triple the minimum job creation requirement of the program.
The first phase of the massive Flats East Bank project was completed with a total of $45 million in EB-5 investment contributing at least 1,000 new jobs to the Cleveland community. The project includes the first new residential apartments in Cleveland built since the recession and acres of commercial spaces, which are already 76% leased. This project is enlivening the community and ensuring the rental market remains competitive in Ohio.
In Cleveland, a new multi-use commercial and residential property is estimated to create at least 1,663 jobs after its construction funded in part by EB-5 investments.
A brand new multifamily apartment complex and car wash in Columbus will use about $10 million in EB-5 financing to create 555 direct and indirect jobs in the community.
EB-5 investors will help developers transform a 19th century building into the Guthrie-Coke Lofts: a mixed-use development including retail space, office space and urban residential lofts. Located in heart of downtown Louisville, KY, this project will revive the surrounding area, creating an exciting new neighborhood called the Clay Commons district.
EB-5 funding helped bolster hotel and hospitality industry development after the 2008 financial crisis. The chief development officer at Marriott said the EB-5 program “creates liquidity in a relatively illiquid market.” Marriott’s new 377-room hotel in Los Angeles is estimated to generate over 4,240 direct and indirect jobs by 2016 by boosting revenue for Staples Center sport and entertainment events. Since 2008, Hilton, Hyatt and Starwood Hotels and Resorts have relied on EB-5 regional centers to fund some of their biggest projects nationwide.
Over $87 million in EB-5 funding will help San Francisco complete its largest ever development project. Through a public-private partnership, the City and County of San Francisco are working closely with the Lennar Corporation to transform Hunters Point Shipyard, a 495-acre disused de-commissioned Navy base along San Francisco’s southeast waterfront, into a new community featuring over 10,000 square feet of retail space, 25 acres of public parks and open space and 1,400 more homes for residents. The project has already created over 1,933 full time jobs and will create around 4,200 total jobs once completed. The community will be the first in Northern California to be powered entirely by water and solar energy generation.
$47.5 million in EB-5 investments fund film and television productions that would otherwise relocate elsewhere due to financial incentives like film tax credits available in other cities. The investments, organized through the Los Angeles Film Regional Center, have created at least 950 jobs for Los Angeles and protected the city’s identity as a destination for entertainment production.
The LA Economic Development Council has used EB-5 financing to help create at least 200,000 healthcare-related jobs in Long Beach. International investors helped Molina Healthcare respond to the increased demand brought by the Affordable Care Act. The company knew it would need to hire at least 1,500 to 2,000 new employees nationwide by 2018 and their old headquarters in Long Beach would not be big enough. The city worked closely with Molina Healthcare to identify $35 million in EB-5 financing that helped renovate the old Long Beach Press Telegram and Meeker-Baker buildings into their new headquarters.
EB-5 financing played a role in opening a 30,000 square foot startup incubator called Runway. Sharing office space with Twitter’s headquarters, Runway is an opportunity for some of the most promising startups to work in a shared space and learn from some of the industry’s best.
The Kor Group is redeveloping and redesigning the historic Renoir Hotel in San Francisco’s mid-market neighborhood using $40,000,000 in EB-5 investments. The project will be operated by Marriott, create at least 400 jobs and be one of a handful of new hotels coming to a supply-constrained hotel market in downtown San Francisco.
In the heart of Silicon Valley in San Jose, California, just one mile from the Mineta San Jose International Airport, EB-5 financing was used to develop the dual-branded Residence Inn and SpringHill Suites Hotels by Marriott. Given Silicon Valley’s booming technology industry, as well as the significant expansion of the San Jose airport and addition of numerous international flights starting in 2011, the demand for lodging in the area far outpaced the supply. The San Jose Marriott Hotels now benefit this previously under-served market, and have created over 1,200 jobs.
Developers also used EB-5 financing to fund the Solaris Residences, a $380 million expansion of new retail and residential space in Vail.
According to the Denver Post, there are a huge variety of EB-5 projects ongoing in Colorado, including biomass-fuels facility, a metals-purification plant, an assisted-living center and a senior living center.
Community proposals for how to reimagine a large public space in Boulder, CO feature over $20 million in EB-5 financing to bring their visions for the community into reality. Jeff Haley, the manager for parks and planning for the city, said, “[There is] overwhelming support from the community and city council to implement improvements to realize Boulder’s Civic Area potential to transform into a place for community inclusiveness and activity.”
A new Hampton Inn will employ at least 20 people and give a much-needed boost to the local economy in Elko, NV by indirectly creating another 300 jobs.
An assisted living and memory care center will use EB-5 financing to open its doors in Fernley, Nevada. Over half of the project cost will come from EB-5 funding and its construction and operation are estimated to create at least 99 jobs on completion.
The recently completed Canyon Park Technology Center created over 1.25 million square feet of office space for technology companies that has created over 740 jobs in Orem, Utah. A home décor company called Wayfair was one of the first to occupy the Canyon Park office space and is expected to create over 500 new jobs over the next three years. Canyon Park is also home to a startup incubator program called BoomStartup that provides seed capital and mentorship for web and software entrepreneurs in Utah.
Investors contributed $2 million to help fund the construction of a 42,000 square foot research laboratory now leased by the U.S. Food and Drug Administration. This relatively small investment created 60 new jobs in the state and continues to ensure the safety of the products on our store shelves nearly 23 years after it was built.
Just $1.4 million in EB-5 equity helped build a 100,000 square foot office complex for the U.S. Forest Service. The office has created 500 jobs since it was built and is still in use today.