EB-5 INVESTORS TO FUND SEATTLE SKYSCRAPER

Posted on: February 21st, 2010
by Greg Siskind
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The new Federal Way Regional Center is embarking on an ambitious project. From the Seattle Post-Intelligencer:

Developers plan to build a 45-story hotel and condo tower in the Seattle suburb of Federal Way where the tallest building now is only nine stories.

The Seattle Daily Journal of Commerce reports the Twin Development company plans a $235 million building that could open in four years.

Seattle developer Steve Smith is counting on Korean and other foreign investors to fund most of the project through the EB-5 Immigrant Investor program, which grants foreigners permanent resident status in exchange for investing in projects like the Sky Hotel and Residence.

Investors will likely have to shell out $1 million or more to get green cards for themselves and their immediate families. The investment is likely to go into a condo or two.