Real estate developer Related Companies, in collaboration with other investors, is nearing revival of the Pacific Park development, aiming to complete the remaining buildings.
The deal with Related involves talks with the U.S. Immigration Fund, which aids foreign investors seeking residency through the EB-5 program, as part of a joint venture.
Greenland USA, the current developer, defaulted on loans, halting progress on the project. Related's potential involvement could restart construction by late 2025.
The Metropolitan Transportation Authority must approve the new plan, which could see Related become joint venture partners with the new owners following debt resolution.
#real-estate-development #pacific-park #debt-restructuring #eb-5-immigration-program #new-york-city-development
[
Collection
]
[
|
...
]