$500 Million Development Project to Bring Jobs to U.S. Virgin Islands
NEW YORK, NY (March 31, 2014) - The international law firm Greenberg Traurig, LLP will represent North Texas EB-5 Regional Center and Omega Puerto Rico Regional Center in an agreement to raise EB-5 funds for the development of the Port of Mandahl Caribbean Conference Resort in St. Thomas, U.S. Virgin Islands.
Both regional centers have partnered with developer Mandahl Bay Holding for the $500 million development project. The master plan includes more than 302‐acres of property on the North Shore of St. Thomas, U.S. Virgin Islands. When complete, the development will include two full-service hotels, a golf course, a state of the art conference center, retail and commercial space, and high-end residential units. This EB-5 project is expected to bring much needed jobs to St. Thomas and promote continued tourism and travel to the U.S. Virgin Islands.
“We are pleased to work with Greenberg Traurig on this significant EB-5 Project,” said Abteen Vaziri, managing director of North Texas EB-5 Regional Center. “With islands in the U.S. Virgin Islands currently experiencing more than 13 percent unemployment, our hope is that this project will boost the local and regional economy by providing both a destination for travelers as well as creating jobs during and after project construction.”
“The joint goal of the EB-5 Program is to provide U.S. citizenship to foreign investors while creating jobs and promoting economic growth for the United States,” said Kate Kalmykov, shareholder in the Business Immigration & Compliance practice of Greenberg Traurig. “Greenberg Traurig is pleased to provide EB-5 counsel for the Port of Mandahl Caribbean Conference Resort project, which accomplishes both of these goals and speaks to the continued success of the EB-5 Program”.
Greenberg Traurig’s EB-5 team represents developers and business owners across a variety of industries, including hotel, office building, casino, manufacturing, retail, restaurant, technology, professional sports teams and alternative energy companies to obtain capital through the EB-5 Program. As an international, multi-practice law firm, Greenberg Traurig’s EB-5 team is positioned to collaborate with the firm’s Corporate & Securities, Real Estate, Labor & Employment, and Tax practices to develop customized solutions for EB-5 clients.
About Mandahl Bay Holdings, Inc. Mandahl Bay Holdings, Inc. is a subsidiary of Transcontinental Realty Investors, Inc. (TCI), a New York Stock Exchange company. TCI has a preeminent record of accomplishment as a developer, completing the construction of over 37 apartment properties comprising 8,500 units. Currently, TCI owns 37 luxury residential apartment communities, 9 commercial properties as well as a high-quality portfolio of land held for future development. TCI is under the management of Pillar Income Asset Management, Inc., a Dallas-based real estate management company, which develops and manages in excess of $2.5 billion of real estate for public and private real estate entities. North Texas EB-5 Regional Center serves as the EB-5 arm of Pillar Income Asset Management, which manages the assets Transcontinental Realty Investors, Inc.
About Omega Puerto Rico Regional Center. The Omega Puerto Rico Regional Center was established to promote economic growth and development within the construction, hospitality and senior living industry sectors of the United States Caribbean economy. The creation of jobs and an increase of capital investment in the US Caribbean are the primary factors underlying the Regional Center's mission. The focus of the Regional Center's investment program will be to invest in the development and operation of a broad spectrum of projects in Puerto Rico and the United States Virgin Islands significantly enhancing the overall economic climate and quality of life in the region.