As reported by the Washington Business Journal, Prince George’s County has successfully shored up investments for a planned mix-use development on Route 1 in College Park using a program known as EB-5.
Roughly $16.5 million of the $63 million in financing needed for the project will come from EB-5, also known as the Immigrant Investor Program, which swaps U.S. Green Cards in return for a minimum $500,000 investment in development projects. In the District, EB-5 is a relatively common financing tool, playing a role in projects from CityMarket at O to the Marriott Marquis. In Prince George’s, it has never been used before.
The project was announced in Shanghai before a group of potential EB-5 Chinese investors by Victor Hoskins, Prince George’s deputy chief administrative officer for economic development. Mr. Hoskins joined County Executive Rushern Baker and D.C. Mayor Vincent Gray on a 10 day trade mission to China.