The Saltaire St. Petersburg Phase II EB-5 project has recently received multiple Form I-526E approvals for its investors. This is a significant milestone in the EB-5 process for Saltaire investors, bringing them closer to becoming U.S. permanent residents.
Read on to explore the key milestones achieved by the Saltaire St. Petersburg EB-5 project, including its USCIS approvals, job creation success, and the developer’s remarkable track record.
Saltaire St. Petersburg Phase II EB-5 Project Overview
- Multiple Form I-956F Approvals
- Complete Job Creation
- 100% Condominium Sales
- Excellent Developer Track Record
EB5AN Has Several Low-Risk Projects Available
Saltaire St. Petersburg Phase II EB-5 Project Overview
Saltaire St. Petersburg Phase II is a luxury waterfront condominium development in downtown St. Petersburg, Florida. It is a 35-story condominium tower standing only second in height to its twin, the Saltaire St. Petersburg Phase I.
The project was developed by the Kolter Group, renowned for its track record of successful project completion and EB-5 loan repayment. It features many world-class amenities, such as a fitness center, club room, pool with cabanas, news cafe, and an event terrace.
Multiple Form I-956F Approvals
The Saltaire EB-5 loan project has already received multiple Form I-956F approvals. These approvals demonstrated that USCIS had reviewed all the offering documents for multiple phases of the EB-5 project and found them compliant with all EB-5 and USCIS rules and guidelines.
The I-956F approvals also mean that USCIS approved the project’s urban TEA status, secured loan investment structure, projected number of job creation, and funds management structure. It guarantees that investors’ Form I-526Es will be approved once they meet personal eligibility requirements, such as proper source of funds documentation.
So, it’s no surprise that multiple Saltaire Phase II investors have received Form I-526E approvals in the last few months. These investors can now move to the next stage of the EB-5 process, which is adjusting immigrant status for investors in the U.S. and consular processing for overseas investors.
Complete Job Creation
Saltaire St. Petersburg Phase II is a large development project. And because it is a regional center-sponsored investment, indirect and induced jobs count as qualifying job creation. Construction spending alone resulted in over 2,300 jobs, creating far more jobs than is needed for all EB-5 investors to meet the job creation requirement.
Saltaire’s job creation was calculated using the RIMS II econometric methodology, and USCIS approved the estimated job creation when it approved the project’s I-956F exemplar.
However, actual job creation will be calculated when each investor files Form I-829. Form I-829 is the application for the removal of Green Card conditions, which is the last step in the EB-5 process. When investors file Form I-829, USCIS will re-evaluate their previous I-526E filing documents against current project accomplishments to determine that they’ve met all the requirements for a permanent Green Card.
Thankfully, Saltaire St. Petersburg had already created more jobs than were required when it received I-956F approvals.
100% Condominium Sales
Following the same pattern as the first luxury condominium tower developed by Kolter in downtown St. Petersburg, the Saltaire St. Petersburg Phase II sold out all condominium units before construction completion. The revenue generated from pre-sales comprised part of the project financing in addition to a senior loan and developer equity.
Hence, the development was not dependent on EB-5 investment and would have been successfully completed with or without EB-5 investors’ funds.
Excellent Developer Track Record
EB5AN partnered with renowned developer Kolter Group on the Saltaire St. Petersburg II EB-5 project. Kolter has an extensive track record of developing mixed-use real estate since 1997. It is one of the top 20 largest private home builders in the U.S., with over $30 billion in realized and in-process development.
EB5AN has also partnered with Kolter on more than 20 EB-5 projects, with a 100% USCIS approval rate. All prior EB-5 investments are either fully repaid or in good standing, including EB5AN’s Fund X (Saltaire St. Petersburg Phase I), which was fully repaid in 2023.
EB5AN Has Several Low-Risk Projects Available
The Saltaire St. Petersburg project is now closed. However, EB5AN currently offers the following EB-5 projects developed by Kolter:
Twin Lakes (Loan) – Rural TEA
Rocky River (Loan) – Rural TEA
Boynton Beach (Equity) – Urban TEA
One Tampa (Loan) – Urban TEA
These projects are located in targeted employment areas (TEAs), designated either as rural regions or areas with high unemployment requiring economic revitalization. Investments in TEAs qualify for special U.S. government incentives, including a reduced minimum investment of $800,000 and access to reserved set-aside visas.
Moreover, rural TEA investors benefit from priority processing, accelerating their Green Card applications. This allows investors to leverage both the proven expertise of EB5AN and Kolter and the added advantages of participating in premium rural TEA projects.
For more information about our regional center projects, schedule a free one-on-one consultation with our expert team today.
