Market Square EB-5 Project Gets Its First I-829 ApprovalSeptember 28, 2020
CMB Group 43: 360 Market Square achieves its first I-829 approval!
CMB Regional Centers continues to receive more good news in the month of September as CMB Group 43: 360 Market Square achieved its first I-829 approval! We’re always excited for our investors’ success at the I-829 stage of the EB-5 Investor Visa process, where our investors realize their American dream and achieve permanent residency in the United States.
The 360 Market Square project is located 3 blocks west of Monument Circle in downtown Indianapolis, Indiana on the site of the former Market Square Arena, home to the NBA professional basketball team Indiana Pacers from 1974 to 2001. The project utilized $28.5 Million in EB-5 funding from CMB Group 43 to construct a 27 story mixed use development including retail space, a parking structure, and approximately 300 luxury rental units. Group 43 was CMB’s first EB-5 project in the state of Indiana. Our project development team first identified the 360 Market Square project as a promising EB-5 job creating opportunity back in 2014. After CMB’s project development team conducted an extensive underwriting process, Group 43 officially opened to potential EB-5 prospects in early 2015, and was fully subscribed by the end of that year. The CMB Group 43 partnership includes investors from 11 different countries.
As confirmed by the I-829 approval, the 360 Market Square development resulted in the creation of at least 882 new American jobs generated as a result of the qualifying capital spent during the construction of this project. CMB’s job creation methodology relies solely on model derived jobs that are created through capital expenditure during construction. Since Group 43 consists of 57 immigrant investors, this resulted in 15.5 jobs per investor, far exceeding the EB-5 requirement of 10 jobs to qualify for permanent residency.
This first I-829 petition approval represents a full-circle immigration process for our limited partners. Now that the USCIS has approved the first Group 43 I-829 petition, confirming the job creation requirement for all EB-5 investors in the CMB Group 43 partnership was met, we expect to see more approvals in the near future.
This is the 25th CMB EB-5 partnership to achieve I-829 approval. To date, over 5,800 immigrant investors from 102 countries have trusted CMB with their EB-5 pursuit. If you would like more information on the EB-5 program or CMB’s current investment opportunities, please contact us here to schedule an initial phone call.