Council District B, which houses Greenspoint, was recently designated Houston's only EB-5 Targeted Employment Area (TEA). That's going to drive a lot of foreign investment into the submarket, says Greenspoint economic director Regina Lindsey. (Above, she toured the Panama Canal with Greenspoint District prez Jerry Lowry on a recent trade mission.) The EB-5 program gives foreign investors a path to US citizenship (and with that a complimentary Big Mac), and required investment is cut in half (to $500k) in TEAs. Regina says the designation will make it easier for foreign investors to select sites (it can be tricky to find projects in Houston that qualify).
Regina says the submarket has always been attractive to international investment because of its proximity to the airport and Port of Houston. The district also has an international advisory council (pictured) to guide foreign investors interested in the area. The Greenspoint District just completed a study of what projects make sense for EB-5 investment. Regina says hotels top the list; they're attractive to EB-5 anyway, and she feels Greenspoint needs niche/boutique product. (There are quite a few hotels there, but it could use some projects with a real personal touch.)
Regina also expects to see lots of industrial and logistics activity through the program. Foreign delegations to Greenspoint (like this Chinese delegation—and guest Neil Bush--that visited during OTC) have been asking about EB-5 for the past three years. But even with existing interest, it'll be a while before we see anything break ground; it's a lengthy process with lots of due diligence on both sides. Greenspoint also lined up partners like Massey Villarreal's Lone Star Regional Center. Rather than placing money into specific projects, EB-5 participants can invest into these regional centers—the Lone Star group has received $3B in foreign capital and created 65,000 jobs since '03.
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