As part of its quest to become designated as an EB-5 regional center, the city of Miami has added Tibor Hollo’s Panorama Tower as a signature project on its federal application.
The city is seeking federal approval to offer foreign investors an additional option within the increasingly popular federal Immigrant Investor Program, more commonly known as an EB-5 visa.
As an EB-5 regional center, the city would attract more investment and jobs, while investors would benefit from not having to run the business or project themselves. The program is popular with property owners and developers because it provides alternative financing for real estate development that is not available or would be too expensive in the current marketplace.
The city considers the proposed 83-story Panorama Tower project at 1101 Brickell Avenue a good project because it has existing permits and some financing. ” Investors are attracted to projects that are in some way already financed,” said Mikki Canton, a consultant to the city.
The city expects to have its application with its own business plan, the business plan for the Panorama Tower project, and an economic study of the Panorama project submitted to USCIS by the end of December, said Canton, who is also managing director for the city’s Community and Economic Development Department.
The approval process could take about six months.
The timing of Panorama’s development is important because Hollo has another Brickell area property in play.
He’s trying to sell the 2.5-acre, waterfront parcel at 1201 Brickell Bay Drive where he planned the Villa Magna condominium. The Villa Magna plan included 787 condominium units, 1,500 parking spaces as well as waterfront restaurants and retail, according to CBRE, which is marketing the site.
But it’s also possible that if Hollo doesn’t get the price he wants, he would pull the property off the market, and develop it himself or market it again for sale at a later time.
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