News Press Releases

North Texas EB-5 Regional Center and Omega Puerto Rico Regional Center to Raise Funds for Port of Mandahl Caribbean Conference Resort in St. Thomas USVI

TCI | March 20, 2014

North Texas EB-5 Regional Center and Omega Puerto Rico Regional Center reached an agreement to raise EB-5 funds for the development of the Port of Mandahl Caribbean Conference Resort in St. Thomas, US Virgin Islands. This strategic alliance will bring these two successful regional centers to join forces with the developer, Mandahl Bay Holdings, and together introduce the EB-5 marketplace to this $500 million project. When completed, the development will include two full-service hotels, a beautiful golf course, a state of the art conference center, retail and commercial space, and high-end residential units. Both regional centers are represented by Greenberg Traurig’s Business and Immigration team.

Port of Mandahl Site, US Virgin Islands (Photo: Business Wire)

Abteen Vaziri, managing director of North Texas EB-5 Regional Center, said, "This project, with a budget in excess of $500 million, will bring much-needed jobs to the US Virgin Islands. More resorts of this size are needed in the Caribbean and with the latest passport requirements in places like the Bahamas, US territories like Puerto Rico and USVI will be much more attractive for American travelers. With the three islands in the USVI experiencing north of 13 percent unemployment, this project will contribute to the local and regional economy and bring an enormous number of jobs, both during construction and permanently after construction. The purpose of the EB-5 program is to create jobs for US regions, and we’re excited to be part of that on St. Thomas."

James Taylor, Omega Puerto Rico Regional Center president, said, "We have spent the past year working together on this concept and are very excited about introducing this project in the Chinese marketplace. One of the biggest questions raised by Chinese investors has been US taxation. Although not required, EB-5 investors can choose to make Puerto Rico their permanent residence and be subject to a flat 4% federal tax rate. As US green card holders or US citizens, they can still enjoy all the rights of any US citizen and travel anywhere in the United States or all around the world as US citizens."

Mandahl Bay Holdings, Inc. is a subsidiary of Transcontinental Realty Investors, Inc. (TCI), a New York Stock Exchange company. TCI has a preeminent record of accomplishment as a developer, completing the construction of over 37 apartment properties comprising 8,500 units. Currently, TCI owns 37 luxury residential apartment communities, 9 commercial properties as well as a high-quality portfolio of land held for future development. TCI is under the management of Pillar Income Asset Management, Inc., a Dallas-based real estate management company, which develops and manages in excess of $2.5 billion of real estate for public and private real estate entities.

The Omega Puerto Rico Regional Center was established to promote economic growth and development within the construction, hospitality and senior living industry sectors of the United States Caribbean economy. The creation of jobs and an increase of capital investment in the US Caribbean are the primary factors underlying the Regional Center’s mission. The focus of the Regional Center’s investment program will be to invest in the development and operation of a broad spectrum of projects in Puerto Rico and the United States Virgin Islands significantly enhancing the overall economic climate and quality of life in the region.

Greenberg Traurig's Business Immigration & Compliance practice represents businesses, organizations and individuals from around the world on a wide range of EB-5 matters. As an international, multi-practice law firm, Greenberg Traurig’s EB-5 team is positioned to collaborate with the firm’s Corporate & Securities, Real Estate, Labor & Employment, and Tax practices to develop customized solutions for EB-5 clients. GT EB-5 attorneys regularly work with developers and business owners across a variety of industries, including hotel, office building, casino, manufacturing, retail, restaurant, technology, professional sports teams and alternative energy companies to obtain capital through the EB-5 Program.