On April 27, following the enthusiastic launch of the Las Vegas Third Street Redevelopment Project in Shanghai, Worldway Immigration Agency hosted the second briefing meeting for the Las Vegas Third Street Redevelopment Project at the China World Hotel in Beijing. This briefing successfully invited Mr. Seth Schorr, CEO of FIFTH STREET GAMING, Mr. Reed Weily, Chief Marketing Officer, and Mr. Sam Lin, Director of Asian Markets, as well as Mr. Rikard Lundberg, an attorney from Brownstein Hyatt Farber Schreck, who provided detailed interpretations and insights on the project. Winner Xing, President of Worldway, personally attended the briefing to provide in-depth analysis for the dozens of investors present. After the meeting, several investors successfully signed contracts and enjoyed the limited-time promotional policies of the project.
How to Select EB-5 Projects
Mr. Rikard Lundberg, an attorney from Brownstein Hyatt Farber Schreck, discussed how to choose EB-5 projects. It is essential to contact and consult relevant expert advisors and attempt to obtain relevant and categorized information from third-party public channels, as well as to understand the company's relationships and structure with the state business department, such as inquiring with the tax assessment office about relevant properties, responsible licensing, and approval departments. Additionally, it is necessary to analyze the project's legal documents, the project itself, the regional center, and the online due diligence checklist regarding EB-5. Furthermore, it is important to assess immigration risks, whether the project can be completed smoothly, whether it can create sufficient jobs, and whether it can continue to operate until repayment after meeting the conditions of the I-829.
Current Status of the Las Vegas Third Street Redevelopment
The purpose of the Las Vegas Third Street Redevelopment Project is to transform four major local blocks into a modern community that integrates commerce, technology, art, and entertainment. Its unique geographical location will also benefit from the ongoing revitalization plan of downtown Las Vegas. Downtown3rd will provide visitors to Las Vegas with an unparalleled experience that combines hotel services, entertainment, and shopping.
The Las Vegas Third Street Project is adjacent to Fremont Street/ZAPPOS.com headquarters, benefiting from the comprehensive advantages brought by 12 million tourists and headquarters economy. It features 629 newly renovated hotel rooms, 13 vibrant bars and restaurants, 24,000 square feet of casino facilities, a 30,000 square foot rooftop pool, 80,000 square feet of premier retail space, a 15,000 square foot event center, and the creation of 3,267 new jobs.
EB-5 Investor Guarantees for the Las Vegas Third Street Redevelopment Project
The Las Vegas Third Street Redevelopment Project will have ample job opportunities, with approximately 600 jobs already created. According to the economic report by Michael Evans and the RIMS II economic model, it is expected to create 3,267 jobs, with a job multiplier of 1.36 and a 36% job surplus. Additionally, the project has very substantial repayment guarantees: EB-5 funds account for 38%, yet it has a first-priority mortgage right valued at $151 million for the hotel/casino/restaurant/parking lot. Moreover, the project funds are relatively secure, as each investor's funds will only be released to the project after the approval of the I-526. Even if the I-526 is denied, the investment amount, issuance fees, and attorney fees will be fully refunded. The project does not require EB-5 funds to initiate and complete; the CIM III fund provides funding guarantees. The CIM Group ranks 27th in the global private real estate fund PERE 30; it manages a total of $11.6 billion in assets, with equity assets reaching $6.4 billion. The immigration bureau will pay special attention to whether the EB-5 project has already commenced when assessing its safety, and this project has been underway since 2011, with official operations expected to begin by the end of 2013 and full utilization in 2014. The immigration attorney for the Las Vegas Third Street Redevelopment Project is Carolyn Lee, a Cornell University Law School graduate, partner at Miller Mayer, chair of the AILA EB-5 Investor Committee, member of the AILA California Service Center Liaison Committee, and recipient of the AILA Joseph Minsky Young Lawyer Award, recognized as one of the best immigration attorneys in the United States.
Winner Xing, President of Worldway, provides an in-depth analysis of how this project differs from other EB-5 projects
The Las Vegas Third Street Redevelopment Project is a comprehensive redevelopment project of the core district, rather than a standalone project. A comprehensive project is much safer than a standalone project, significantly reducing risk. The City of Las Vegas provides financial support for the Third Street Redevelopment Project. It is currently the only project receiving government funding, adding a layer of security. This project is a neighborhood redevelopment in the city's core area, thus receiving genuine financial support from the government. The city government will provide funding support for 100% of the construction costs of the shopping center and conference center for the redevelopment project. Furthermore, the developer and project owner is the CIM Group, ranked 27th among global private real estate funds. This group manages $11.6 billion in assets across the United States and provides investment management services for the $64 billion California Public Employees' Retirement System (CALPERS), which ranks 6th globally in asset size. Retiree funds are the lifeblood for the elderly, and Americans trust their retirement funds to CIM for management; we can also trust our investment immigration funds to CIM. Additionally, EB-5 investment funds enjoy first-priority mortgage rights. In terms of project investment selection, the proportion of EB-5 funds is relatively small, with first-priority repayment: the risk is low. Finally, three prominent attorneys oversee the project. Carolyn Lee, the current chair of the AILA EB-5 Committee (Miller Mayer) serves as the project attorney, ensuring the project's integrity. Former USCIS official Darren Silver serves as the client attorney, overseeing client application documents. Additionally, Brownstein, the 4th-ranked lobbying law firm in the U.S., is responsible for government relations and securities law compliance management, ensuring the project's compliance and expediting its approval.
At the end of the briefing, many investors asked questions regarding the investment risks, repayment periods, application timelines, etc. The guests answered the investors' questions one by one. For specific inquiries, investors sought out immigration consultants for in-depth understanding, creating a very lively atmosphere on-site. Investors expressed a high level of interest in the investment, and those who successfully signed contracts received limited-time offers from the company.
