Their biggest challenge over the past couple of years has been the vast increase in the number of petitions that were filed
Murrieta, CA (PRWEB) November 27, 2012
American Redevelopment Solutions regional center’s CEO Ron Darlin g recently spoke with Aimee Rios of EB-5 Investment Report announcing the completion of the Olivewood Retail Center in Murrieta, California and the opening of its first businesses, The Farmstead Market, an organic food store and Trinity Martial Arts. Darling also addressed key challenges facing the EB-5 program and investors, and revealed ARC’s next project.
Irvine based American Redevelopment Solutions was designated as a regional center in 2009 and specializes in commercial, industrial and retail property development and management. Their geographic scope spans Los Angeles, Riverside and San Bernardino counties and they recently completed their first offering, the mixed-use Olivewood Retail Center in Murrieta California. Located across from City Hall, the retail center sits on 6 acres, is approximately 50,000 sqft., and is 30 percent leased. ARS used the equity loan model for financing. Darling said, “My investors own 86 percent of the center and the original developer owns 14 percent…We raised 12 million dollars, 24 investors.”
The job creation projection for Olivewood is 329 jobs. Darling expects all of the investor’s I-829 petitions to be approved, with the first one coming up for approval in January. He said 21 of the investors have I-526 approvals, granting them conditional permanent residency and three are pending approval. Darling stated that each one of their projects has an approved economic model which provides a substantial cushion on the number of jobs created. He travels to China often to recruit investors.
ARS is a medium sized regional center that focuses on smaller projects ranging from $15 million to $40 million. Although his regional center is new, Darling has been in the industry since the mid-90s and has seen the program grow, and with that, the increase of challenges that face USCIS. He said, “Their biggest challenge over the past couple of years has been the vast increase in the number of petitions that were filed. Also, the complexity of the petitions over time; it’s difficult for them to get their adjudicators up, fully staffed and educated in very complicated legal documents and economic models.”
Foreign investors also face increasing challenges, the biggest Darling said is the source of funds issue, dealing with the way people in other countries hold their money, which doesn’t correlate to the way the United States holds money and USCIS standards. Darling advises using experienced immigration counsel to help investors navigate through the complex process.
Next year, ARS plans to break ground on their second EB-5 offering, the Murrieta Education Center, a 5-story building targeting career colleges. This project is expected to create 1,358 jobs.