HOLLYWOOD, Fla. – On April 1, Gold Coast Florida Regional Center (GCFRC) hosted a group of Chinese investors who are interested in helping finance a mixed-use development in Downtown Hollywood. Hollywood Circle, on the northeastern quadrant of ArtsPark at Young Circle in downtown Hollywood, is GCFRC’s initial EB-5 visas for real estate investment opportunity in the City.
Created to generate jobs through foreign investment in South Florida, GCFRC has two offices in China and has been showcasing the project to potential investors there. Interest is high and the group of investors travelled to Hollywood to meet with City officials, tour downtown and the beaches, and visit the Hollywood Circle site.
“Response to the visit and our Hollywood Circle project was overwhelmingly positive. We already secured one investor out of the group and others are expected to follow after reviewing the process with their advisers,” said Gold Coast Florida Regional Center COO Muayad “Mo” Abbas.
According to Abbas, a recent United States Citizenship and Immigration Services (USCIS) report noted that regional centers, such as GCFRC are the overwhelming choice of foreign investors seeking permanent residency in the U.S. via EB-5 visas. USCIS estimated more than 1,400 EB-5 visa applications were submitted in first quarter 2011 – in excess of $700 million, compared with 1,885 issued ALL last year (FY2010) as the regional center model for financing development continues to gain momentum.
“I was impressed by the Regional Center’s Hollywood project because it is on a prime location close to the airport, beaches and the city’s business district,” said ZhaoYing Sun, who signed an investment application. “By investing here, I can give my children access to a U.S. education, which is a very valuable commodity in China.”
The Hollywood Circle project will include The Circ, an upscale boutique hotel by Desires Hotels, residential apartments, Publix supermarket, restaurant, and additional retail space. It is expected Hollywood Circle will pump $160 million into the local economy and create approximately 3,000 new jobs. Construction is anticipated to begin later this year.
“The redevelopment of this block is an important part of the revitalization of downtown Hollywood,” says City Manager Cameron Benson. “Our city has invested in creating a spectacular urban park just steps from this site featuring a state-of-the-art amphitheater and visual arts pavilion. We are ready for the next step in the transformation of the Young Circle area.”
GCFRC is a federally licensed and approved foreign equity investment fund that focuses on key real estate investment and development opportunities. The regional center is an approved USCIS EB-5 program that facilitates permanent residency status and Green Cards through investment for foreign nationals who invest in the U.S. and job growth.
Regional centers promote economic growth through the creation of jobs, improved productivity, increased export sales and added domestic capital investment. GCFRC estimates it will help generate more than $850 million and bring more than 18,000 jobs to South Florida during the next five+ years.
About Gold Coast Florida Regional Center
Gold Coast Florida is a U.S. Citizenship and Immigration Services approved regional center with a primary focus on real estate development. GCFRC’s leadership has more than 100 years of combined U.S. and international real estate development experience in portfolios valued at more than $6 billion. The organization currently is accepting investors for EB-5 Visa opportunities in South Florida, an in-demand region where land costs are lower than they have been in years providing tremendous up-side for real estate investors.
Based in Coral Gables, Fla., the company has offices in Hong Kong and Shanghai, China, and Durban, South Africa. To learn more about Gold Coast Florida as a dependable partner in the EB-5 process, call 1-877-GCFL-EB5 (1-877-423-5325) or visit www.gcfrc.com.
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