Miami commission votes to cut ties with Island Gardens developer Mehmet Bayraktar

In a blockbuster decision, the Miami City Commission wants to kill the deal with Flagstone Property Group to build a $1 billion mixed-use project on Watson Island. During a special meeting on Tuesday, commissioners voted 5-0 to declare the developer in default of a ground lease allowing Flagstone to build two hotels and a luxury mall with roughly 221,000-square-foot retail and restaurant space that would complement a megayacht marina completed in 2015.

Government Releases Crucial EB-5 Data

The United States Citizenship and Immigration Services issued three years of EB-5 visa data this week, confirming what was already known to many in the industry: big city regional centers servicing developer clients dominate the field for investors looking to immigrate to the U.S. Between 2014 and 2017, USCIS approved more than 26,000 petitions for visas nationwide and rejected 3,313, its data show. The overwhelming majority of regional centers saw 100 or fewer petitions processed during the period. EB-5 visa issuance is currently capped at 10,000 new investor visas annually.

Flagstone Sues City of Miami Over $1B Watson Island Project

Flagstone Property Group has filed $122 million lawsuit against the city of Miami. The suit was filed one day after commissioners unanimously declared the developer in default of a 99-year ground lease that would allow Flagstone to build its luxury hotel and marina complex, and claims the city breached agreements with the developer causing them to lose millions in investments, according to the Miami Herald.

EB-5 Visas: Everything You Need to Know

U.S. Congress created the EB-5 Program in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors. In 1992, Congress created the Immigrant Investor Program, also known as the Regional Center Program. This sets aside EB-5 visas for participants who invest in commercial enterprises associated with regional centers approved by USCIS based on proposals for promoting economic growth. We talked about EB-5 Visa with an expert, Marko Issever, Managing Director of Riverside Management Group, a merchant banking boutique.

The 15 Hottest Housing Markets in the U.S.

Markets in Colorado and the Carolinas are drawing the most potential home buyers, according to data released recently by ATTOM Data Solutions. The property data company analyzed mortgage applications to create its

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