Immigration Initiative Allocates $47 Million for Apartments in Bradenton

Key Information

• Project Name: Madison Bradenton
• Location: Former DeSoto Square Mall, Bradenton
• Developer: Madison Capital Group
• Lender: Peachtree Group
• Financing: $47 million through EB-5 Immigrant Investor Program
• Units: 204
• Job Creation: 992 total jobs expected
• Investment Requirement: $800,000 per investor

Peachtree Group is financing a new apartment community, Madison Bradenton, on the site of the former DeSoto Square Mall in Bradenton, utilizing the EB-5 Immigrant Investor Program, which allows solicitations for investment from foreign individuals in exchange for green cards.

Peachtree Group, based in Atlanta, received approval from the U.S. Citizenship and Immigration Services to include this community in the EB-5 program, enabling it to raise significant funds for the project.

The project is set to receive $47 million in financing through this program, a crucial factor for its development.

The approval for EB-5 funding arrives during a period of uncertainty regarding immigration policies under the Trump Administration. The future of the EB-5 program itself is in question amidst discussions for potential reforms.

With Peachtree’s approval, the company can seek investments of $800,000 from individuals overseas. In return, investors can secure U.S. residency once the apartments are completed.

Charles Talbert, director of communications for Peachtree, notes the program’s complexity but highlights its benefits for foreign investment and lowering capital costs.

Established in the early 1990s, the EB-5 program aims to attract international support for commercial projects while providing lawful permanent residency for investors and their immediate families.

Investments must create or preserve 10 permanent, full-time jobs, with minimum investments set at $800,000 or $1.05 million in non-Targeted Employment Areas.

Future of the EB-5 Program

The EB-5 program was reauthorized in 2022 and remains effective until at least Sep. 30, 2027, allowing 10,000 visas each year.

However, questions linger about its future, particularly after Trump recommended replacing it with a Gold Card visa for a $5 million fee.

Legal experts indicate that any significant changes would require Congressional approval, as the bipartisan support for the 2022 reauthorization signals acknowledgment of the program’s economic advantages.

Madison Bradenton marks the fourth project for Peachtree utilizing EB-5 funding. Other projects include various hotel developments across the United States.

Starlife Group is also exploring EB-5 investments for its luxury development project in Hollywood, Florida, highlighting the flexibility it offers developers compared to traditional funding methods.

Peachtree’s Madison Bradenton will consist of 204 rental units built on 10.7 acres of the former mall, featuring amenities like a clubhouse and garage structures. The project aims to create approximately 992 jobs overall, translating to about 17.1 jobs per investor.