WASHINGTON, June 09, 2023 (GLOBE NEWSWIRE) — EB5 Capital announced today that investors in its Downtown Los Angeles Proper Hotel (JF12) project have begun receiving I-829 approvals from the United States Citizenship and Immigration Services (USCIS). USCIS issues I-829 approvals, or permanent residency, to investors who have demonstrated that their EB-5 investment resulted in the creation of at least ten full-time jobs, and who have also completed their two-year conditional residency period.
“An I-829 approval is a major milestone in the EB-5 immigration and investment process,” said Mariana Gomez, Senior Vice President of Operations and Compliance. “It officially completes the immigration process for an EB-5 investor and confirms that a project has fulfilled all the requirements under the Program, including job creation.”
Proper Hotel (JF12) is a 13-story, 148-room luxury lifestyle hotel in the heart of Downtown Los Angeles. This historical building was initially a private club in the 1920s frequented by members of Hollywood. The property now features three distinct food and beverage spaces operating in partnership with James Beard Foundation award winners Suzanne Goin and Caroline Styne of The Lucques Group. It also has 14,000 square feet of meeting space and a rooftop pool with unobstructed panoramic views of the city. The hotel opened to the public in October 2021 and the redevelopment created over 1,000 EB-5 qualifying jobs, more than enough jobs to cover all the EB-5 investors who invested in the project.
“A regional center’s proven success to help investors achieve permanent residency in the United States should be a key requirement for someone new who is considering an EB-5 investment,” said Natalia Pronina, Vice President of Investor Relations at EB5 Capital. “We look forward to seeing additional I-829 approval notices for this project in the coming weeks.”
About EB5 Capital
EB5 Capital provides qualified foreign investors with opportunities to invest in job-creating commercial real estate projects under the United States Immigrant Investor Program for more information.
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