The Real Deal Miami

SF commercial real estate market boosted by foreign investment program

September 24, 2012 02:15PM

Ultra-prime residential buildings aren’t the only properties in South Florida to benefit from foreign investors. Thanks to a government program, the commercial real estate market is also getting a foreign bump, according to the Sun Sentinel. The foreign investment program, known as EB-5 was extended by Congress earlier this month, allowing foreigners to gain U.S. residency by investing a minimum of $500,000 in commercial enterprise that creates 10 jobs for 2 years.

Currently the program has raised a total of approximately $3 billion, much of which has been spent on retail, office and mixed-use real estate. In South Florida, a planned 700-unit student hfousing project at Nova Southeastern University in Davie and a steel mill in northeast Miami-Dade County are both being funded through EB-5. [Sun Sentinel] — Christopher Cameron