Kindred Keystone Rural EB-5 Project April 2024 Construction and Sales Update

April 2024 Construction Update

PCL Construction broke ground on Kindred Resort in the fall of 2022 and since then, the team has been working toward an opening of the project in 2025. Kindred Resort at Keystone is one of the most exciting new developments in the ski industry with the best slope side location—55 feet from the main gondola at Keystone Ski Resort.

As the ski season ends at Keystone on April 7th, PCL Construction is ramping up its work to complete the exterior structure of the West Tower and its luxury residences. The West Tower’s structure is nearing completion, and the tower is expected to be “dried in” by the first week of April. In anticipation, the West Tower crane was removed on March 28th, marking a key milestone in the project.

PCL Construction is making tremendous progress on the Hotel Tower as they finish the roof decking. Once completed, The Kindred Hotel will feature 107 luxury hotel rooms, managed by Vail Resorts’ luxury collection of properties called RockResorts. Over on the East Tower, crews are beginning to frame-in the 5th and final floor of the luxury residences.

Sales of the luxury residences continue to thrive, with approximately 72% of the residences already under contract. There is a limited inventory listed for sale by LIV Sotheby’s International Realty, indicating strong demand and competitive pricing.

For up-to-date construction progress, visit the Kindred Resort web cam.

April 2024 Condominium Unit Sales Update

As of April 1, 2024, of the 95 condominium units available for sale, 68 units have already been sold, representing total sales revenue of approximately $127.4 million. This means that approximately 72% of all the condominium units have already been sold and the project is still ~2 years away from the completion of construction.

Why Kindred Resort at Keystone Is a Best-in-Class Rural EB-5 Project

One of the project’s standout features is its secured loan structure, which is uncommon in rural EB-5 projects. Initially, the EB-5 loan is secured through a full equity pledge in the project company, and it will eventually take the form of a senior mortgage once the senior construction loan is paid off and the hotel is completed.

Additionally, the loan is divided into individual tranches of $800,000 per EB-5 investor, and each of these tranches will mature five years after release into the project.

Kindred Resort at Keystone is located in a rural targeted employment area (TEA), making it eligible for a reduced minimum investment requirement of $800,000. EB-5 investors in this project will also qualify for priority processing for Form I-526E and access to set-aside visas from the rural category. Qualifying for a set-aside visa can help Chinese and Indian investors get their Green Cards years faster than otherwise possible.

Furthermore, Kindred Resort at Keystone has already demonstrated a strong track record in job creation, a crucial factor for EB-5 eligibility. As of December 31, 2023, more than 1,100 of the required 1,000 jobs have been created, satisfying the EB-5 immigration requirements for all EB-5 investors in the project. For added security, the project offers an I-526E approval refund guarantee for the investors in case their Form I-526E petition is denied.

EB5AN is fully independent of the developer, which eliminates potential conflicts of interest. The developer group itself brings an impressive history of successful projects worth over $4 billion, including work in the residential, hospitality, and luxury resort sectors.

Lastly, the project has already sold 72% of its condominium units, indicating robust market demand and providing revenue to offset development costs. Each buyer makes a nonrefundable 20% deposit.

Learn More About Kindred Resort at Keystone

To learn more about the EB-5 immigration process and how Kindred Resort at Keystone can offer your family a safe path to U.S. immigration, schedule a free consultation with EB5AN.