EB5AN Wohali Rural EB-5 Project: 2023 Year-End Update

The Wohali Utah team is working every day to create a sustainable community that combines sophisticated living with picturesque natural surroundings.

Wohali Utah is a 428-residence golf community located just north of Park City, Utah, in a rural TEA. The project offers 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 more than 500 jobs for EB-5 investors as of September 30, 2023.

In December 2023, USCIS approved the Form I-956F exemplar application for Wohali Utah. Form I-956F approval means that USCIS has reviewed the Wohali Utah EB-5 project and has confirmed its compliance with the EB-5 program. Such a confirmation from USCIS provides EB-5 investors with confidence that their EB-5 Green Card applications are very likely to be approved.

The team is pleased to share this compelling rural EB-5 project’s excellent progress in 2023 and its exciting plans for the future.

Construction Update

Golf Course: In 2023, Wohali Utah completed the community’s 18-hole Eagle golf course and is beginning work on the Nest short course. The community is on track for a grand opening in May 2024.

Manor House: Construction of the Manor House is now finished, and the interior is being furnished. The Manor House serves as an educational golf space and restaurant for residents. When Utah temperatures drop during the winter months, the Manor House provides two golf simulators to allow owners and guests uninterrupted access to golf.

The Gatehouse: Construction is ongoing at the main gatehouse, which is located at the primary entrance to the community. The structure is weatherproof. The drywall phase is now complete, with hardwood floor installation and exterior enhancements to follow shortly. Interior construction will continue through the winter months, with its completion expected to come in May 2024.

The Village Units: In late 2023, Wohali Utah received approval from Summit County to begin construction on 47 of its long-anticipated Wohali Village townhomes. Foundation work on nine of the units is already underway.

Golf Maintenance Building: Foundation work has begun for the golf maintenance building.

Roads: Notably, the first phase of road installation is entirely complete. Road installation enhances the property’s appeal heading into the winter months. Wohali’s roads now span from the entrance of Wohali all the way to the Sales Center. From the Sales Center, they continue to wind up past the homeowners’ association buildings and through Phase 1A of the estate lots. Additional roadways will be installed as necessary beginning in 2024.

Sales Update

The estate lots for the project are broken up into phases. Phase 1A—which consists of 25 individual estate lots—is nearly sold out, with only two lots remaining. Phase 1B—consisting of another 25 individual estate lots—has now been fully recorded in Summit County, and its lots are open for sale. Currently, four estate lots in Phase 1B have been reserved. Phase 2A, Phase 2B, and Phase 2C—consisting of 47 village units—have also all been recorded, and their sales process has been initiated. Phase 4D—which consists of six village units situated near the Manor House—is currently being recorded.

Park City Real Estate Market Update

Sotheby’s representatives in the Wohali area report that real estate sales in and around Park City were strong throughout 2023. Their analysis includes data from all residential golf course communities in the Park City area that are considered direct competitors of the Wohali Utah project. On average, land prices increased to $1.2 million per acre, an increase of approximately 16% year over year.

Additionally, the average price of homes sold in 2023 increased to approximately $4 million, with an average price per square foot of over $900. This represented a 13% year-over-year increase.

Overall, the real estate market in Park City remains robust, and Wohali expects to benefit from a high volume of transactions and strong price growth.

Job Creation Update

Through September 30, 2023, the Wohali Utah project has spent over $50 million on EB-5 eligible development activities. This progress has resulted in the creation of approximately 570 EB-5 jobs. As construction continues on the project, additional jobs will be created. Enough jobs for all EB-5 investors in the project are expected to be created in 2024.