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The 11 Largest EB-5 Projects in America

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    The 11 Largest EB-5 Projects in America

    The EB-5 Program allows for foreign investors to have stakes in US developments while also reducing costs for US developers and helping to create regional jobs. So far, $3.7B has streamed into major US cities, such as NYC and San Francisco. "EB-5 is an alternative source of funding for good projects and to create more jobs quicker," US Immigration Fund VP Nicholas Mastroianni tells Bisnow. "It allows them to free up capital to do more projects." Here are 11 of the largest and most important projects funded by EB-5 in the country. 

    1. Hudson Yards, New York

    1. Hudson Yards, New York

    Funds raised: $600M

    Developer: Related Cos

    Size: 17M SF

    Manhattan's massive mixed-use Hudson Yards project broke records when Related raised $600M from Chinese investors for its over $20B price tag. The company has raised more than $800M in EB-5 money in total, controlling about one-third of the country's entire EB-5 market. "It's a very critical part of the puzzle," CEO Jeff Blau says. "It's so big, there's not enough capital from any one traditional source." 

    2. Pacific Park, New York

    2. Pacific Park, New York

    Funds raised: $577M

    Developer: Forest City Ratner

    Size: 958k SF

    Forest City Ratner expedited its gigantic Brooklyn mixed-use development—which includes a public school, modular units and retail space—by teaming up with Shanghai-based Greenland Holdings. Greenland purchased a 70% stake in the $4.9B project in 2013. 

    3. Four Seasons Hotel at 30 Park Place, New York

    3. Four Seasons Hotel at 30 Park Place, New York

    Funds raised: $250M

    Developer: Silverstein Properties

    Size: 219k SF

    Silverstein started raising funds for the hotel in 2013 and it's now slated to open next year, the 179-room Four Seasons New York Downtown takes up the first 22 floors of 30 Park Place. The swanky building will put the funds to good use and include amenities like a heated indoor swimming pool, a yoga studio and a screening room. 

    4. Hunters Point Shipyard, San Francisco

    Funds raised: $250M

    Developer: Lennar Urban

    Size: Massive

    The $8B project has been in development for 15 years, and the money from about 500 foreign investors was vital to the mixed-use complex's final push. With over 12,000 homes, an outdoor mall and 3M SF of office space, it's safe to say that this is the largest Bay Area project using the program. 

     

    5. 701 Seventh Ave, New York

    5. 701 Seventh Ave, New York

    Funds raised: $200M

    Developer: The Witkoff Group, Winthrop Realty Trust, Lorber’s New Valley LLC and Mark Siffin’s Maefield Development

    Size: 350k SF

    Slated to open in 2017, this 39-story mixed-use project will house Manhattan's second EDITION Hotel, retail space and a whopping 18k SF outdoor sign. The giant sign makes sense, since the location is in the heart of Times Square. 

    6. City Point, New York

    6. City Point, New York

    Funds raised: $200M

    Developer: Acadia Realty Trust

    Size: 1.8M SF

    EB-5 investors funded 42% of this mixed-use Brooklyn development set to break ground in 2017. The development will have affordable housing units, large retail stores and acess to a subway station. New York's Economic Development Corp president, Kyle Kimball, called the project "one of the gems" of the newly revitalized downtown Brooklyn area. 

    7. 1 Park Lane, New York

    7. 1 Park Lane, New York

    Funds raised: $200M

    Developer: Witkoff Group

    Size: 900-foot condo tower

    This proposed $1.7B tower at Manhattan's "Billionares' Row" is under scrutiny as being an abuse of the EB-5 program for being the highest-end project tapping into it. The price per SF of the condo tower could be as high as $13k. But Steven Witkoff insists his project will create jobs throughout the city. 

    8. Steiner Studios, New York

    8. Steiner Studios, New York

    Funds raised: $195M

    Developer: Steiner NYC

    Size: Up to 24.5M SF

    The expanded Steiner Studios is where the movie The Wolf of Wall Street was filmed. 

    9. 625 W 57th St, New York

    9. 625 W 57th St, New York

    Funds raised: $180M

    Developer: Durst Organization

    Size: 800k SF

    Starchitect Bjarke Ingels is designing the new residental tower by Durst, which'll have 20% of the units be affordable. The EB-5 investors fulfilled 26% of the building's $685M development cost. 

    10. 101 Tribeca Ave, New York

    10. 101 Tribeca Ave, New York

    Funds raised: $175M

    Developer: Fisher Brotheres and the Witkoff Group

    Size: 433k SF

    This building may just become lower Manhattan's tallest residental tower. The glassy skyscraper will stand 63 stories and have 129 condos. 

    11. SLS Las Vegas Hotel & Casino, Las Vegas

    Funds raised: $150M

    Developer: SBE Entertainment Group and Stockbridge Capital Group

    Size: 85k SF of casino space

    Foreign investors helped to fund 52% of the $415M redevelopment, which had been in the works since 2007. This made what was formerly known as the Sahara one of the first EB-5-financed casinos