The Real Deal Miami

Developer seeks EB-5 money for Metropica

The federal EB-5 program allows foreign investors to live and work in the United States

September 03, 2016 11:35AM

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Rendering of Metropica

Rendering of Metropica

Add Metropica in west Broward County to the list of South Florida real estate developments in the market for EB-5 money.

The developer of Metropica, a vast mixed-use development in Sunrise, is trying to raise foreign investment in the project through the federal EB-5 program.

Metropica developer Joseph Kavana, chief executive officer of KGH International Development , told the Sun-Sentinel that the company is seeking so-called EB-5 investors who want to invest in Metropica and reside in the United States.

Under the EB-5 program, foreign investors can work and reside in the United States if they put at least $500,000 into a U.S. investment and create at least 10 jobs in two years.

Kavana also told the Sun-Sentinel that his company has presold more than 50 percent of the 263 units that will be inside YOO at Metropica, the first of eight planned condos at Metropica. Prices start at $300,000 and range upward to more than $1 million.

Kavana said vertical construction of YOO is set to start in January. Site work started in 2015. [Sun-Sentinel]  — Mike Seemuth