Potential international apparel center in New Jersey would utilize EB-5 funding

Potential international apparel center in New Jersey would utilize EB-5 funding

A new international apparel center may finally be constructed on a vacant piece of land in eastern Secaucus, New Jersey, according to the Hudson Reporter.

The development, which was reportedly conceived by businessman Tommy Lee, would potentially include a 600,000-square-foot international trading facility, a new Extended Stay America Hotel and an on-site parking lot, according to the news provider.

If the project is completed, it would offer a place for foreign apparel vendors to do business in the U.S., particularly in the New York City area, the news source said. The business owners reportedly already have the support of the Secaucus town council and the owner of the property, Gene Mori.

"This project seems to be a good fit," added Secaucus Mayor Michael Gonnelli. "It's going to create about 2,000 local jobs. It would bring a ratable property to our town. Plus, we'd get income from the hotel tax. Unlike a residential development it wouldn't impact municipal services and schools."

The business partners told the news source that the funding for the project would come from foreign investors looking to obtain U.S. green card eligibility through the federal EB-5 visa program.

By utilizing this program, foreign nationals can obtain such eligibility by investing $1 million (or $500,000 in some areas) in an American project or company that either maintains or creates at least 10 full-time jobs.

Myles Matthews, one of the business partners planning the potential development, told the news source that the EB-5 visa program would be a "key element" in the project itself.

"With our economy being what it is right now, there's a lot of interest in the program because, through EB-5, the U.S. gets jobs we sorely need," said Matthews. "Foreign nationals who are interested in living in America get the opportunity to do that by making a significant investment in our economy.

In a recent presentation made to the town council, Lee estimated that approximately 2,000 jobs would be created through use of the EB-5 program. The majority of the jobs would reportedly include brokers and specialists in fields such as hazardous material packing and logistics, according to the news source.

If the project is approved by the New Jersey Meadowlands Commission and the town of Secaucus, it probably would not officially open for two years, the news provider said.

POST COMMENT

Eco-story Rolls Out New LED Refrigerated Case Lighting Fixture Immigration Lawyers New York Home Energy Production Why Not Wear Replica Watches This New year? Solar Energy Information The Advantages of Buying Used versus New Cars Car Loan Market For New Cars Keeping The Cost Down For The New Baby Material Recovery Facility-Efficiency for Waste to Energy Conversion Hawaiian Surf Action in it New Updates Perfect Lightings On Time Simple T-shirt Printing Offers New Business Opportunity Reasons to Buy LED Emergency Lights Over Other Lighting Systems