Exchange Database
Chinese investors revive Shipyards
Thanks to the EB-5 money-for-visa program, many wealthy Chinese investors are helping revive one of San Francisco's most ambitious development projects, a project that will help lift one of the city's worst neighborhoods out of poverty. The $8 billion, 775-acre Shipyards project in San Francisco's southeastern impoverished black neighborhoods of Hunters Point and Candlestick Point lay dormant for years because of lack of funding. The project is expected to extend over 20 years and raise about $200 million in the first two years through the EB-5 program.
Outcomes:
This project is attractive to Chinese investors because it creates jobs, which is an important part of the EB-5 requirement, adding that San Francisco is also a very attractive city for Chinese investors. The project will create 12,000 new homes, a regional retail center, offices and more than 300 acres of parks in an area where, according to police, the homicide rates are nearly five times the city's average. Other benefits include an education scholarship fund for local residents, investments in community health facilities, 4.8 acres of improved land for additional community facilities, renovated space for the Shipyard's artists at affordable rates and improved land for a possible arts center.
Government?:
No
Type of Exchange:
business
Partners:
Lennar Urban
Participants (Types):
investors
Exchange Date:
Thursday, September 4, 2014
Continuing:
No
Image:
Location:
San Francisco, California
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