Oct 24 2016

Metropica Looking for EB-5 Dollars in Sunrise

The 65-acre Metropica development in Sunrise is seeking foreign money via the EB-5 visa program. The sprawling mixed-use project next to Sawgrass Mills is offering the investment option for immigrants looking to relocate to the U.S. The EB-5 program grants visas to investors and their immediate family members for pouring at least $500,000 into a job-creating U.S. development.

Once completed, the 4 million-square-foot Metropica will feature retail space, park and recreational facilities and 1,900 residences, according to a news release. Hotels and public spaces geared toward visual and performing arts are also planned.

Site work began last year on the first condo, YOO at Metropica. Two penthouses in the high-rise sold for $557 per square foot, a record for western Broward County.

“We are extremely pleased to be involved in the EB-5 program,” Joseph Kavana, CEO of KGH International Development, said in the release. “Offering this type of program will differentiate us from the competition in addition to providing exceptional advantages to our buyers.” Other South Florida projects hoping to capture international funds with the EB-5 program include the Miami SkyRise observation tower, the Paramount Miami Worldcenter condo and a DoubleTree by Hilton hotel in Doral.

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