Miami’s EB-5 regional center to shut down

Center didn't generate any money or produce visas since launching in 2014

Miami /
Apr.April 26, 2018 02:30 PM

Miami City Manager Emilio González and Panorama Tower

Miami’s EB-5 regional center will be shut down for failing to generate economic activity and create jobs.

Founded in 2014 under former Mayor Tomás Regalado and led by attorney Mikki Canton, the center was supposed to inject foreign investment into Miami’s economy through a visa program known as EB-5. But the regional center did not generate any money, nor did it produce any visas.

Miami City Manager Emilio González confirmed that the regional center will close. The South Florida Business Journal first reported the news.

Under the EB-5 program, foreign investors can obtain permanent residence in the U.S. through passive investment of $500,000 in a business enterprise that creates at least 10 new jobs. While the program has allowed real estate developers to obtain financing on attractive terms for some big projects, it has also become the victim of abuse and fraud.

The first project to receive an EB-5 designation through the city’s regional center was Tibor Hollo’s Panorama Tower in 2014, which was seeking 99 investors injecting $49.5 million into the development, creating 2,500 jobs. But the project reportedly never received any money from the center.

Canton, former managing director of Miami’s regional center, resigned after González became city manager in January. Regional centers are organizations approved by U.S. Citizenship and Immigration Services to assist developers and entrepreneurs in making their projects eligible for the EB-5 program. Investors seeking EB-5 visas can still go through the privately funded centers or through the state’s regional office.


Related Articles

arrow_forward_ios
(Facebook via Hotel Astor Miami Beach)
Shuttered Hotel Astor in Miami Beach gets a new owner
Shuttered Hotel Astor in Miami Beach gets a new owner
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...