China City’s Construction is estimating that their proposed CCCC Miami Towers on the Capital at Brickell site will add up to approximately $875 million in construction costs.
The developers have previously said that they intend to build a twin-tower, 3.2-million-square-foot development that will be the tallest in Miami. The project could top off at 1,069-feet, if approved by the FAA.
An attorney said that the developers will seek up to $350 million in funding through the EB-5 program, although China City has the funding to build it even without EB-5 investors.
The controversial EB-5 regional program, which grants green cards to foreign investors, is set to expire on December 11 unless Congress renews it.
China City Construction Will Use EB-5 Funding To Help Build $1 Billion Mixed-use Development in Brickell Area
China City Construction Holding Group and American Da Tang Group are turning to EB-5 investors to help fund construction of the planned CCCC Miami Towers in the Miami’s Brickell area, said Miami attorney Roger Bernstein, who co-owns the EB-5 regional center sponsoring the EB-5 development. The Miami-based regional center, called American Life Investments LLC, will promote the project among EB-5 investors in China and Latin America.
“The regional center will protect the investors’ rights and make sure the development complies with USCIS regulations and specific EB-5 requirements tied to job creation and more,” Bernstein said.
Construction of CCCC Miami Towers would cost $875 million. Up to $350 million would come from EB-5 investors. The mixed-use project will include residential condominium, hotel, office and retail space.
Under the EB-5 investor visa program, foreigners invest $500,000 in qualifying EB-5 projects in order to obtain the U.S. residency. To qualify, the development must create at least 10 direct and indirect jobs per investor.
The federal program grants 10,000 EB-5 visas every year. Close to 85 percent of EB-5 investors in the U.S. come from China so this strategy would help attract high net worth Chinese investors to Miami.
CCCC Miami Towers would create close to 10,000 direct and indirect jobs, inject close to $1 billion into our local economy and help create a substantial stream of commerce between South Florida and China, Bernstein said.