U.S. Immigration Fund Announces I-924 Project Approval and I-526 Approvals for EB-5 Project 1568 Broadway
Oct 22, 2020, 13:26 ET
US Immigration Fund (USIF) has announced the much anticipated I-924 project approval of the distinguished 1568 Broadway project in New York City as well as the first I-526 approvals for its investors.
JUPITER, Fla., Oct. 22, 2020 /PRNewswire/ -- US Immigration Fund (USIF) is proud to announce that after much anticipation and elongated processing times, U.S. Citizenship and Immigration Services (USCIS) issued official determination that the 1568 Broadway project is compliant with the EB-5 Investor Visa Program requirements and received its I-924 Project approval. The I-924 approval complements a long list of unique qualities that have come to define the 1568 Broadway project. In addition, USIF individual investors and their families have begun receiving their I-526 conditional green card approvals.
"We are pleased to announce this important milestone for 1568 Broadway", said Nicholas A. Mastroianni III, President of USIF. He continued, "Due to the large volume of applicants that filed under the EB-5 Program this has taken much longer than expected, however, now we expect to see many more approved I-526 petitions for our investors over the coming weeks and months, and we look forward to all of the subsequent success stories for them and their families".
1568 Broadway, also known as 'TSX' is located in the heart of the most desired area in New York City and perhaps all of North America - Broadway. The project will showcase features that are unmatched by any other located within Times Square, including the first-of-its-kind LED billboard that is designed into the building façade itself.
TSX Broadway is a contemporary mixed-use project that includes an A-List team comprised of Fortress Investment Group, Maefield Development and L&L Holding Company. Touted as the "first entire-building immersive experience" by project developers, the 46-story hotel will also house roughly 75,000 square feet of experiential retail space. The LED screen will be much more than just a space for advertising. A platform will pop out of the building to form Times Squares' first permanent outdoor stage. The news already has plenty of tourists wanting to come back.
The project included the demolishing of the DoubleTree hotel, refurbishing the Palace Theater and lifting the theater several stories above the newly created retail building. Sitework continues to move forward and as of now demolition of the 16th floor has commenced and demolition of the 17th floor is substantially complete. Lifting jack for the theater installation is in progress and the theater lift is scheduled to begin in the 2nd quarter of 2021.
Mastroianni added that "Times Square has always been the epicenter of entertainment and we are thrilled that this EB-5 project has incorporated the spectacle, the theater and technology elements that evoke that classic Times Square nostalgia in a contemporary setting".
U.S. Immigration Fund (USIF) is America's leading EB-5 Regional Center operator with world-renowned investment opportunities from New York City to California and 6,000 clients from across the globe. With approved Regional Centers located in the world's most thriving markets, USIF provides worthwhile opportunities for foreign investors and their families to obtain permanent U.S. residency through the EB-5 Program. Each year, the U.S. government allocates 10,000 visas for foreigners who invest through the Program. These initiatives enjoy full government support as they stimulate the economy, generate at least ten jobs per investment, and promote community development while providing access to green cards for foreign investors and their families.
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SOURCE U.S. Immigration Fund
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