CCCC Miami Towers Looks to EB-5 for Development Scratch
China City Construction Holding Group and American Da Tang Group are turning to EB-5 investors to help fund construction of their planned CCCC Miami Towers in Brickell, Miami attorney Roger Bernstein, who co-owns the EB-5 regional center sponsoring the development, tells us. His Miami-based regional center, American Life Investments LLC, is promoting the project among EB-5 investors in China and Latin America.
Chinese investment in US real estate has tended more toward West Coast markets and New York in recent years, but projects like CCCC will help attract high-net-worth Chinese investors to Miami, Roger says. He adds that the project would create close to 10,000 direct and indirect jobs, and up to $350M in investment in the development would come from EB-5 investors. Currently, almost 85% of EB-5 investors in the US come from China, so that nation could represent a major source of investment for South Florida going forward.