Orlando resort first to gain green card designation
Lake Buena Vista Resort Village & Spa has become Florida’s first
federally-designated EB-5 Regional Center.
The U.S. Citizenship and Immigration Service designation, known as the EB-5
immigrant investor program, allows foreign buyers to eventually become
permanent United States residents by investing at least $1 million in
properties. The EB-5 program, created by Congress as part of the Immigration
Act of 1990, grants foreign buyers U.S. residency in exchange for investing
$1 million in a project that creates at least 10 jobs.
Sam Sutton, managing member of the Lake Buena Vista Resort, currently has
500 condo-hotel units and wants to build another 1,300. To finance that, he
wants to sell 70 existing condo-hotel units and then attract more investors
through the EB-5 Program to finance the construction of a new 152-unit
building at the resort.
Lake Buena Vista Resort is planned for 1,875 furnished resort condo units
ranging from 1,080-2,170 square feet, along with dining, a fitness center,
spa-salon and aquatic center.
Posted: 9 October 2008
Source: Orlando Business Journal
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