June 2024 Construction Update
June 2024 Condominium Unit Sales Update
Form I-956F Approval
Why Kindred Resort at Keystone Is a Best-in-Class Rural EB-5 Project
Learn More About Kindred Resort at Keystone
June 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 concluded at Keystone on April 7th, PCL Construction has accelerated its efforts to complete the final grading and exterior concrete at the site.
The West Tower is now fully dried-in, and roof shingles are scheduled to be completed in mid-June. Additionally, interior rough-ins are 99% complete, and drywall installation has begun on levels one and two.
On the East Tower, roof trusses are currently being finished, with decking expected to commence next week. Interior rough-ins for the East Tower are currently at 10% completion.
The construction team is making significant progress on the Hotel Tower, with roof dry-in anticipated within the next two weeks and interior rough-ins at 85% completion. Once finished, The Kindred Hotel will feature 107 luxury hotel rooms, managed by Vail Resorts’ luxury collection of properties, RockResorts.
For up-to-date construction progress, visit the Kindred Resort web cam.
June 2024 Condominium Unit Sales Update
As of June 1, 2024, of the 95 condominium units available for sale, 73 units have already been sold, representing total sales revenue of approximately $139.3 million. This means that approximately 77% of all the condominium units have already been sold and the project is still ~1.5 years away from the completion of construction.
This robust sales performance highlights the desirability of these exclusive residences. With a limited inventory available for sale through LIV Sotheby’s International Realty, the project continues to successfully execute its sales strategy to maximize revenue through limiting supply.
Form I-956F Approval
Kindred Resort at Keystone received Form I-956F approval from USCIS in April 2024. By approving the project’s Form I-956F, USCIS has agreed with the project’s job creation numbers, rural TEA status, and investment structure.
With the project’s Form I-956F approval, its EB-5 investors will now enjoy faster Form I-526E adjudication because all of the project’s details have been accepted by USCIS. When an EB-5 investor in this project submits Form I-526E, the USCIS adjudicator will defer to the project’s Form I-956F approval and will not have to revisit the project documentation.
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 with a full equity pledge in the project company. Eventually, it will convert into 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. Each tranche matures five years after being released into the project, providing a structured and predictable investment timeline.
Located in a rural targeted employment area (TEA), Kindred Resort at Keystone offers EB-5 investors a reduced minimum investment requirement of $800,000. EB-5 investors in this project will also benefit from priority processing for Form I-526E and access to set-aside visas from the rural category. This can be particularly advantageous for Chinese and Indian investors, helping them obtain their Green Cards years faster than otherwise possible.
Kindred Resort at Keystone has already demonstrated a strong track record in job creation, a critical factor for EB-5 eligibility. As of April 30, 2024, more than 1,400 of the required 1,000 jobs have been created, fulfilling 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 has an impressive history of successful projects worth over $4 billion, spanning the residential, hospitality, and luxury resort sectors.
Moreover, the Kindred Resort at Keystone project has already sold 77% of its condominium units, indicating strong market demand and providing significant revenue from buyer deposits to offset development costs.
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.
