The Real Deal Miami

Panorama Tower nabs EB-5 designation

Tibor Hollo's 83-story project fits criteria for new City of Miami program

October 07, 2014 10:30AM

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Tibor Hollo

Tibor Hollo

Tibor Hollo’s 83-story Panorama Tower received the first EB-5 designation under the City of Miami’s new Regional Center for Foreign Investment program.

Once completed, Panorama would be the tallest residential building on the eastern seaboard south of New York. The $800 million project at 1101 Brickell Avenue fit EB-5 criteria because it is projected to bring 1,300 construction jobs, 192 management employees, 800 tenant employees and 220 visiting students to the city, according to the developer’s written announcement. Panorama is under construction and slated for an early 2018 completion.

The project includes a 19-story pedestal with more than 100,000 square feet of medically-oriented office space, a 2,000-car parking garage, 208-room hotel and more than 50,000 square feet of retail and restaurant space. Above the pedestal and recreation deck will be the 64-story, 821-unit apartment tower.

“The City of Miami is staying true to the intent and mission of the United States Citizen Immigration Services by offering top-tier EB-5 Regional Center projects to foreign investors which in turn will provide for the creation of thousands of jobs for our local residents,” said Mikki Canton, managing director of the city’s Office of International Business Development. “We are only as good as the quality of the projects we select to participate in our City of Miami EB-5 Regional Center.” — Eric Kalis