The developer of the 83-story Panorama Tower in Miami announced that it’s now permitted to accept applications for funding through the city’s regional EB-5 visa program, however, its funding goal has been lowered.
The EB-5 program allows foreign nationals to apply for a visa in exchange for making an investment of at least $500,000 in a venture that creates jobs in the United States. The city set up a regional center that can be used to fund these projects throughout South Florida.
The EB-5 program was set to expire on Sept. 30, yet Congress granted it a short term extension until Dec. 11. Many experts believe the program could have new terms should it be re-approved.
Panorama Tower initially said it would seek up to $160 million in EB-5 funds. On Tuesday, developer Florida East Coast Realty said 6 percent of the $800 million project would come from EB-5 - or about $48 million. It’s now allowed to accept applications.
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