We bring those projects into our organization and then we seek investors for those projects, ultimately overseeing the whole process to having investors receive their conditional green cards and ultimately their permanent green cards.
Riverside, CA (PRWEB) December 20, 2012
Inland Investor Visa Group 8, located in Newport Beach, CA is a limited partnership that links foreign investors with projects in the United States through the EB-5 program. Barnett says, “We bring those projects into our organization and then we seek investors for those projects, ultimately overseeing the whole process to having investors receive their conditional green cards and ultimately their permanent green cards.”
IIVG 8 is affiliated with American Redevelopment Solutions, a regional center based in Irvine, California. Their first project with ARS is the Truax Building in Old Town Temecula, CA. The Truax Building is a mixed use office space expected to be complete in June 2013 and create 570 jobs. Barnett said they are not concerned with tenant occupancy issues regarding USCIS’s job requirements with this project. “We have not received any RFE’s but we’re anticipating that that may happen and in anticipation, we’ve done a lot of work on being able to bolster our job count in the face of the tenant occupancy concerns. We’re confident that we won’t have a problem there,” he said.
Their second EB-5 offering is in Banning, which, like the Truax Building, is also in Riverside County CA, a TEA (Target Employment Area). The project is a commercial real estate venture and is expected to break ground next year (2013). Currently there are no investors for this project, however, IIVG 8’s President, Buck Johns recently traveled to China to market the project. “We are beginning to get investors lined up for that,” Barnett said. A preliminary estimate of the jobs this project would create is upwards of 400, according to Barnett. Approximately the same number of jobs will be created for another IIVG 8 project slated for development in Long Beach, CA. This will be their third EB-5 offering, a pollution control project for the port of Long Beach. “This project is one where there would be a manufacturing facility in Long Beach and then there would be the [pollution control] installation of these barges at the port.”
But the possibility of new restrictions regarding a quota the state department may put on Chinese investors next year, may affect their future projects like Long Beach and Banning. Barnett said, “All of a sudden there is this looming concern about a quota being imposed on the Chinese investor. The overwhelming majority of the participants in the EB-5 program currently are from China . . . if the growth in EB-5 visas continues, in particular the Chinese portion of that, in the second half of 2013, there will be a quota hit on China and therefore there will be a cutoff date.”
Eighty percent of EB-5 capital comes from China so Barnett’s advice to Chinese investors is to get their applications in early. He doesn’t foresee the possible quota affecting their first offering, the Truax Building because it is close to being fully subscribed, however, it will more than likely impact their other projects and Barnett is hopeful things will work out.