Learn More About the Twin Lakes Rural EB-5 Visa Project
Kolter is pleased to share the extensive progress of its Cresswind at Twin Lakes development project.
Cresswind at Twin Lakes is a 1,300 single-family home community development being constructed outside of Atlanta, Georgia. The project is located in a rural TEA, offering EB-5 investors a reduced investment amount, access to reserved EB-5 visas, and priority processing of their immigrant petitions. The project has already created enough jobs to satisfy the job creation requirement for all of its EB-5 investors.
The development team looks forward to another year of significant construction progress, increased community engagement, and strong sales for this compelling rural EB-5 project.
Progress on Amenities
Club House: In 2022, tremendous progress was made toward completing the club house. The club house is expected to be completed and open to residents and guests in February 2023. This amenity will provide the community with access to a 30,000+ square foot club with high-end amenities. The first floor offers a game room, lounge with double-sided fireplace, hosting bar, ballroom for concerts and shows, and a presentation kitchen. On the second floor, residents will enjoy the arts and crafts studio featuring a kiln; the training center with free weights, cardio and strength machines, and exclusive EGYM equipment; a group fitness room; and a natatorium that includes an indoor pool with hot tub. The residents will also have access to the outdoor resort-style pool, event lawn with band shell/stage, and the boating and fishing dock.
Other Amenities: The dog park and community garden along with three new hiking trails were completed in 2022. Additionally, residents have access to the 30+ acres of lakes for fishing, canoeing, and kayaking; Phase 1 of the Pickleball Court Complex with Eagle’s nest viewing Pavilion and 20+ courts; and golf cart paths.
Community Activities Highlights
Cresswind at Twin Lakes hosted four Pickleball Wars Tournaments in 2022. These events were a huge success with more than 250 attendees at each tournament. Additionally, the community’s HOA management team hosted a clinic with more than 200 attendees along with another charitable event with more than 250 attendees.
In 2023, Cresswind at Twin Lakes plans to continue to host tournaments as the community grows and engagement increases. The Pickleball Club is currently the most popular club within Cresswind at Twin Lakes.
Addition to the Local Community
A Publix is projected to open at the entrance of Twin Lakes in 2024, which will provide residents with walking, golf cart, and convenient car access to groceries and other retail outlets within the shopping center.
Construction of Phase 3 of 8 of the community infrastructure was completed in 2022, and Phase 4 was substantially completed.
Phase 4 will open in Q1 2023. Phase 5 is under engineering design.
Home sales have continued, with an especially strong sales pace in Q4 2022. From the launch of sales in 2020 through year-end 2022, 465 homes have been sold. Of that figure, 54 homes were sold in Q4 2022 alone.
The VIP waitlist has remained strong, and the sales team will continue to focus on selling to this list initially with each lot release. For any remaining available homes in each phase, the new prospect marketing focus is highlighting the community’s prestigious amenities. The 2023 marketing plan is geared toward highlighting the newly opened club, pools and outdoor amenity complex.
EB-5 Job Creation Update
EB-5 eligible job creation is calculated using project expenditures since construction began on the Twin Lakes rural EB-5 project. As of year-end 2022, a total of approximately $125.8 million has been spent on EB-5 eligible project costs. This spend to date consists of approximately $121.4 million in hard construction costs and approximately $4.4 million in soft construction costs. Most project costs, excluding land and other ineligible costs, count toward EB-5 eligible jobs. When combined, these eligible expenditures have created approximately 1,568 EB-5 eligible jobs through year-end 2022. These jobs are more than enough for all EB-5 investors in the Twin Lakes rural EB-5 project to obtain their permanent green cards. When completed, the Twin Lakes rural EB-5 project is expected to create a total of 6,945 EB-5 eligible jobs.