EB5AN Saltaire St. Petersburg, the second Kolter condominium tower in downtown St. Petersburg, topped out and vertical construction has been completed as of June, 2022. Saltaire topped out at 408 feet and is currently the second tallest building in St. Petersburg behind its sister Kolter project ONE St. Petersburg. ONE St. Petersburg was also 100% sold out prior to construction completion and utilized EB-5 investment capital managed by EB5AN.
Saltaire St. Petersburg is a 35-story oceanfront condominium tower with 192 units ranging from approximately 1,600 sqft up to more than 7,000 sqft; there is also approximately 9,000 sqft of retail space. 100% of the condominiums have been presold to buyers with non-refundable cash deposits.
All Required EB-5 Jobs Already Created Using RIMS II Economic Model
As of June 2022, the Saltaire EB-5 project had created a total of more than 1,000 EB-5 program eligible jobs, more than enough to satisfy the 10 job requirement for all $800K EB-5 investors. EB-5 eligible jobs are determined using the RIMS II economic impact multiplier method based on construction expenditures to date — including both hard costs such as concrete and steel, as well as soft costs, such as architectural plans and building permit fees.
Construction by Kast Construction, Top Florida General Contactor
Construction of Saltaire is being managed by Kast Construction, one of the most well-respected general contractors in south Florida. Although Kast is no longer partially owned by Kolter, the two companies continue to work closely together on Kolter’s condominium tower development projects throughout Florida. All the records and invoices reflecting Saltaire construction costs will be provided by Kast Construction and included as supporting evidence in the Form I-829 petition package provided to each Saltaire EB-5 investor to remove the temporary conditions on their residency and receive a permanent, 10-year green card.
Senior Loan Construction Financing by Wells Fargo Bank
Wells Fargo Bank is the senior construction lender on the Saltaire project. Wells Fargo Bank is a publicly-traded American bank. Wells Fargo is the world’s fourth-largest bank by market capitalization and the fourth largest bank in the U.S. by total assets, with $1.927 trillion in assets and 258,700 employees.
Saltaire is in a High Unemployment TEA; Qualifies for 10% Visa Set Aside that Reduces Waiting Time
Saltaire is in a high unemployment targeted employment area (TEA); EB-5 investors who invest in Saltaire will be automatically eligible for a new 10% EB-5 visa set aside, which reduces the waiting time post I-526 approval for an EB-5 investor to receive his/her green card.
Saltaire is a Compelling Opportunity for EB-5 Investment, but Some Investors May Want to Consider Direct EB-5 Instead of Waiting for the EB-5 Regional Center Program to Reopen
The unique combination of advanced construction, sufficient EB-5 job creation, an institutional development team, and the replacement of temporary bridge financing with EB-5 investment make Saltaire a rare opportunity for EB-5 investors to reduce both immigration and financial risk.
Sam Silverman, EB5AN managing partner said “I am very excited with the progress that Kolter has made with the development of Saltaire St. Petersburg. And like all our prior EB5AN Kolter EB-5 projects, construction of the Saltaire St. Petersburg project is on budget and on schedule.”
Saltaire will be available for new EB-5 investment at $800K as soon as the EB-5 regional center reopens; however, until then, EB-5 investors should consider direct EB-5 investments or wait to reserve a slot in Saltaire with a fully refundable deposit — schedule a free EB-5 call today to learn more about the EB5AN Saltaire EB-5 project.