Metropica mixed-use project seeks to raise $70M from EB-5
The Metropica mixed-use project in Sunrise has started accepting investments through the EB-5 visa program.
KGH International Development said its initial goal is to raise $70 million through the EB-5 program and use the proceeds to pay off its senior construction loan. The EB-5 investors would own an interest in a low-interest, five-year loan to the developer.
The 65-acre project at 1800 N.W. 136th Street previously received mortgagesof $38 million, $22 million, and $5 million from different lenders.
The EB-5 program allows foreign nationals to apply for a visa if they invest at least $500,000 in a project that creates at least 10 jobs per investor.
“Offering this type of program will differentiate us from the competition in addition to providing exceptional advantages to our buyers,” KGH International Development CEO Joseph Kavana said.
With an estimated development cost of $1.5 billion, Metropica would total 4 million square feet. That breaks down to 1,250 residential units, a hotel, 485,000 square feet of retail and 650,000 square feet of office.
The developer expects to finish the first phase of the underground infrastructure by the end of 2016 and start vertical construction soon after.
The first residential building is the 263-unit YOO at Metropica condominium. Among the announced tenants for the property are upscale movie theater iPic, Shake Shack, Brazilian steakhouse Fogo de Chão, Kona Grill, Salsa Fiesta, Pisco y Nazca, Oil and Vinegar, Anthropologie, Free People and Kings Bowl.