MIAMI, FL - Panorama Tower already is destined to be an iconic, global landmark, rising 83 stories over Miami, making it the tallest residential building on the eastern seaboard south of New York, and now the development by Florida East Coast Realty (FECR) is making headlines for officially being announced as the City of Miami’s first EB5 designated development. Located at 1101 Brickell Avenue on the largest parcel of property in the heart of Brickell, Panorama Tower is currently under construction and, when complete, will rise 830 feet.
The City of Miami recently received approval for designation as an EB5 Regional Center for Foreign Investment under the U.S. Citizen and Immigration Services immigrant investment visa program. The City of Miami EB5 Regional Center includes the three main South Florida counties of Miami-Dade, Broward and Palm Beach and is the only fully city owned, managed and operated regional center in the United States. It is not affiliated with any other regional centers in Florida. The mission of the City of Miami EB5 Regional Center is to create thousands of jobs for local residents and strengthen economic growth in South Florida. In order to fulfill its mission, the City of Miami will provide top quality foreign investment opportunities by carefully selecting only premiere projects to participate in the EB5 Regional Center program. The City’s goal is to provide public/private partnership opportunities which directly benefit the community-at-large.
“First and foremost, the City of Miami is staying true to the intent and mission of the United States Citizen Immigration Services (USCIS) by offering top-tier EB5 Regional Center projects to foreign investors which in turn will provide for the creation of thousands of jobs for our local residents. We are only as good as the quality of the projects we select to participate in our City of Miami EB-5 Regional Center and are mindful of the confidence we must inspire through transparency, accountability and legal compliance,” says Mikki Canton, Managing Director of the City of Miami’s Office of International Business Development.
Panorama Tower is expected to cost over $800 million and bring a significant number of jobs to the area, including approximately 1,300 construction jobs necessary to build the new tower. The entire complex will have approximately 192 permanent management employees, 800 tenant employees, and 220 visiting students, making it the perfect development for the EB-5 program. The construction schedule calls for approximately three and a half years for ground-up completion of the new tower, which is planned for the beginning of 2018.
Developed by industry veteran Florida East Coast Realty, Panorama Tower’s 19-story pedestal will include over 100,000 square feet of medically-oriented office space with a teaching facility, a 2,000 car parking garage, a 208-room hotel and over 50,000 square feet of high-end retail outlets and restaurant space. Directly on top of the pedestal will be the recreation deck, and above that will be the residential tower, consisting of 64 stories and 821 luxury rental apartments.