Category Archives: miami business news

EB-5, Still Alive

The U.S. Congress is good for at least one thing: Not making a decision. Congress punted again to keep the program alive until April 28th, 2017. There is a bill on the table to bring about some changes, but we gone see.

Congress extended the EB-5 program until April 28, marking yet another short-term renewal of the controversial visa program.

The program, which grants foreign investors green cards after they invest at least $500,000 in job-producing ventures, was set to expire on Friday. EB-5 was included in the continuing resolution Congress passed.

Read Katherine Kallergis’s The Real Deal’s article here:
http://bit.ly/2hWEUzV

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EB-5 Scam Alleged in Palm Beach

The biggest question individual investors have about investing in the EB-5 Visa program is how safe is their investment. The unfortunate truth is, it depends. It is always best to work with people who have a track record in the EB-5 program before putting all that money at risk for a shot at the American Dream.

More than 50 Chinese and Iranian investors filed a lawsuit against the developers of the Palm House condo-hotel project, alleging they were defrauded out of $50 million.

The foreign nationals invested $500,000, each, into the Palm House development at 160 Royal Palm Way, the minimum amount required to be eligible for a visa through the EB-5 investor program. They are suing 33 defendants, including developer Robert Matthews and his wife Mia Matthews, brother Gerry Matthews, Ryan Black, Joseph Walsh and Joseph Walsh Jr.

Read Katherine Kallergis’s The Real Deal’s article here:
http://bit.ly/2eNENK4

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Need A Loan to Purchase U.S. Real Estate

The Cash only days are long over, and the old-fashioned banks are finally catching on. Hey, they have to figure out a way to make money too, right?

While the strong dollar and rising home prices have deterred many foreign buyers in South Florida and across the country, more are turning to nontra-ditional mortgages to finance their home purchases.

Foreign buyers often pay cash for residential real estate in the U.S. – a whopping 50 percent did so in 2015, according to the National Association of Real-tors. Large cash deposits have also fueled Miami’s latest condo boom.

Read Katherine Kallergis’s The Real Deal’s article here:
http://bit.ly/21VlkXl

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Do You Speak Mandarin? The Chinese Are Here

What do you get when you mix an insatiable appetite for expansion with a boatload of cash? China! Coming to a neighborhood near you.

With confidence in their hometown markets fading, Chinese investors are continuing to throw billions of dollars at United States real estate.

In the first half of this year, companies with Chinese backers accounted for $5 billion worth of U.S. real estate purchases, according to the Wall Street Journal.

Read Sean Stewart-Muniz’s The Real Deal article here:

Macy’s building near Lincoln Road quietly marketed for sale, could fetch $80M



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All Aboard Miami: All Aboard

What do you get if you put Hitachi’s Japanese engineers, their counterparts from the Italian rail firm Ansaldo, a schoolgirl choir and the mayor of Miami together in the swamps of Florida?

A new metrorail system that Miami’s urban planners hope will bring commuting from the city to its ribbons of suburbs into the 21st century.

But behind the hoopla and celebration surrounding the $375m project unveiled last week is a serious effort to switch US commuters in a major regional city from overcrowded, inefficient and polluting dependence on cars to a model that resembles the European or Asian adoption of mass transit.

Miami, like many other cities across the US, is attempting to redress decades of under-investment in the sector. While cities such as Charlotte, San Diego and Dallas have been successful with the new light rail commuter-moving systems, other cities, including Los Angeles, Chicago and Washington DC, report falling rider numbers despite enormous and costly efforts by transportation officials to entice people out of their cars.

There have been other, unsuccessful attempts to build a light rail in Miami and other cities have run into issues with their own plans, but the engineers here are quietly optimistic that any incoming administration will increase infrastructure budgets, some of which would be targeted to mass transit.

Hillary Clinton has vowed to increase federal funding by $275bn over a five-year period, warning “it is not possible to remain economically competitive in a very, very competitive global economy if we don’t have the infrastructure we need”.

Here on the border of the Everglades, the gleaming new blue and silver cars look enticing: clean-running, silent, with free Wi-Fi and other enticements, but will they help turn the tide against Miami’s congested roadways?

The city’s construction boom has caused chaos on its roads. Coupled with fears that rising sea levels could begin to make tidal flooding more frequent, as well as the intermittent threat of hurricanes, have added to the incentive to overhaul its transportation systems.

For Hitachi, which now owns Italian manufacturer Ansaldo, is looking for deeper penetration in the US market. Current projects include a driverless system in Honolulu scheduled to open next year.

“We believe the rail business in the US is sustainable and growing because many cities have a mass transit system,” noted Kentaro Masai, head of Hitachi global rail. “We’ve already received support from the government, but were optimistic that ridership, especially among young people, will grow. There are challenges but we are optimistic.”

Read Edward Helmore, The Guardian article here:
http://read.bi/1TeIjts


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Haiti in Club Med Revival: Destination Haiti

Haiti in Club Med Revival: Destination Haiti

Lucio Garcia-Mansilla had long heard about the former Club Med property tucked along the Haitian Riviera, 123 acres lined with lush vegetation and a mile-long expanse of white sand.
But it wasn’t until decades later — when Haiti’s investment climate began to welcome international brands — that the Argentine founder of Colombia-based Decameron Hotels & Resorts would get there.

Read Jacqueline Charles’ article here:
http://hrld.us/1WCIo9d

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Venezuelan strives for better U.S. relations

Maximilien Arvelaiz does not look or sound like a hardened socialist tactician going toe-to-toe with the U.S. government.

Instead of military garb emblazoned with medallions, the young Venezuelan diplomat wears designer suits and vintage glasses. His talk isn’t peppered with vitriolic attacks on Yankee imperialism, but with references to pop culture and U.S. television.

Yet Arvelaiz, 43, is at the center of one of the most acrimonious relationships in the Western Hemisphere. For the last year and a half, Arvelaiz has been working behind the scenes trying to re-establish a functional relationship with U.S. officials.

Read FRANCO ORDOÑEZ article here:
http://bit.ly/1OCxVrw

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China not Amused by Taiwan’s 1st Female President

China not Amused by Taiwan’s 1st Female President

“Sisters are doing it for themselves”, and their broth-ers seem not to be cool with that. For example, Tai-wan elected Tsai Ing-wen as its first female presi-dent Saturday, handing her pro-independence party its first majority in the national legislature and reject-ing the China-friendly party that has led the self-governing island for eight years.

The result seems to be deeply unsettling to China, which may respond by further reducing Taipei’s al-ready limited ability to win diplomatic allies and participate in international organizations.

In a statement issued after Tsai’s win, the Chinese Cabinet’s body for handling Taiwan affairs reaf-firmed its opposition to Taiwan independence, but said it would work to maintain peace and stability between the two sides of the Taiwan Strait. It’s the Asian Century just in case you’re not paying attention.

Read ABC News Christopher Bodeen and Ralph Jennings article here:
http://abcn.ws/1Q4vLRL

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New Congress in Venezuela Anticipates Tension

Venezuela

Well, yeah, what did you expect?

In what’s likely a sign of things to come, the inaugural session of Venezuela’s National Assembly on Tuesday devolved into shouting, shoving and recrimination as the opposition took control of the body for the first time in 17 years.

The ruling-party delegation, long accustomed to holding sway in the legislature, stormed out of congress as they accused their rivals of violating internal regulations.

But beyond the posturing and brinkmanship, the opposition bloc laid out the guidelines of what they said would be their program to rescue the country.

Read Jim Wyss’ Miami Herald article here:
hrld.us/1Zc9N72

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New “Downtown Miami” Film Student Has a Tenant: MTV

Wasn’t it Sting and Dire Straits who sang “I want my MTV”? I can here that song echo in the background as Miami residents can now say “I got my MTV”, or something like that. Viacom International Studios, which produces shows for Nickelodeon, MTV and Comedy Central worldwide, has set up shop in downtown Miami.

The company will move into the 88,000 square-foot facility at 50 NW 14th Street, which was unveiled Monday by the Omni Community Redevelopment Agency. Built at a cost of just over $14.5 million, the structure features two high-tech 15,000 square-foot sound stages with 40-foot ceilings, along with ample office space and post-production, dressing, wardrobe and conference rooms.

World class facilities will house a world class production outfit, making more room for those highly desired Miami based reality shows like “South Beach Towing”. World class.

Read Rene Rodriguez’s Miami Herald article here:
http://hrld.us/1j80a6a

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