Posted on 04/19/2011 3:19:02 PM PDT by Beaten Valve
An Oregon developer plans to build a 22-story hotel near the L.A. Live entertainment center to serve a growing number of visitors to downtown Los Angeles.
Marriott International Inc. would operate the proposed 377-room hotel on Olympic Boulevard under two of the company's brands: Residence Inn by Marriott and Courtyard by Marriott. Construction on the nearly $120-million project is set to begin next March and be completed by 2014.
"Financing would be through the federal EB-5 program, which provides green cards to immigrant investors who put up a minimum investment of $500,000 for development in targeted areas.
The immigrants would be considered limited partners and thus co-owners of the project. If the project produces enough jobs to meet standards for the program, as expected, they would qualify for green cards granting residency. Marriott said the hotels would create about 100 jobs."
(Excerpt) Read more at latimes.com ...
LA needs another big empty building like Detroit needs another big empty building.
I think you miss the point. If there were US investors willing to invest in the project, it would have been built already. There isn't because it hasn't.
If multi-millionaires want to come to this country and invest millions, tens-of-millions and even billions in our economy, more power to 'em. And, if they want a green card, have at it.
A lot of people pay a coyote much less than that to get in with fake docs. But I suppose that authenticity has its’ price.
Call me shallow ... but I don't have any major heartburn with giving green cards to immigrants bringing in wheelbarrows full of money...
- with the only stipulation that they gathered their money through legal means -
Hope they look forward to paying the new ‘RICH PEOPLE’ taxes.
I have no problem with immigrants who come here with $500K,
as long as they pass a criminal backgroud check and are banned from any type of welfare. They are probably coming from Asia, not Zacatecas Mexico.
Same thing is happening in Brinnon, WA. A Canadian developer bought land to build a golf course resort. He’s using the same EB-5 program to get Chinese investors. Basically he’s a foreigner selling US citizenship’s to foreigners. More here: http://brinnongroup.org/ and here:http://www.eb5immigration.com/
Marriott... Marriott... Sounds familiar. Isn't Mitt Romney on their board of directors when he isn't tilting at windmills running for office?
I disagree...a green card should not be for sale to the highest bidder. I really don't think giving green cards to rich, corrupt Saudi Sheikhs benefit our country in any way.
Who’s stopping you from putting the $100 million?
Or are you mad that he is actually creating jobs?
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