Turkish developer Okan Group has received approval to raise EB-5 funds for its Okan Tower project in downtown Miami. The EB-5 program allows foreign investors to obtain green cards if their investment leads to the creation of at least 10 full-time jobs for U.S. workers, with a minimum investment threshold of $1.05 million.
Okan Tower, when finished, will feature a 316-key Hilton hotel, 236 condo-hotel units managed by Hilton, 163 condos, over 80,000 square feet of amenities, and 60,000 square feet of office space. The building was designed by Behar Font & Partners and is Okan’s first development in the United States.
Construction on the planned 70-story tower at 555 North Miami Avenue has reached the 31st floor and is expected to be completed by the end of 2027, according to Michael Sadov, who became sales director in June. Fortune Development Sales, led by Edgardo Defortuna, is handling sales for the project.
Sadov stated that Okan Group will release EB-5 investor slots in batches of 30 but did not disclose how much funding they aim to secure through this method. “The investor visa program has a minimum threshold of $1.05 million. It provides green cards to investors and their immediate families whose funds lead to the creation of 10 full-time jobs for U.S. workers,” he said.
To date, construction has been self-funded by Okan Group. The project was paused in 2020 due to the pandemic but resumed sales activities in the following year. An affiliate of Okan purchased the site for $18.1 million in 2017. The location is near other new developments such as Crosby at Miami Worldcenter and Melo Group’s Downtown 6th.
Sadov noted that more than half of the units are already presold: “the building is just over 60 percent presold.” Prices start at $750,000 for a condo-hotel studio and go up to $3.6 million for a condo unit, not including penthouses.
While preconstruction condo sales have slowed across South Florida recently, Sadov reported increased interest: “Okan has seen an uptick in traffic in recent weeks.” He also mentioned that his team has been marketing internationally: “The sales team has been traveling to countries that include Colombia, Mexico and Brazil, where the project has the biggest concentration of foreign buyers.” Efforts are also underway to promote Okan Tower in Turkey.
Not all EB-5 investors are required to purchase units within the building.
There is a trend among some developers in Miami-Dade County toward using EB-5 financing for projects with hospitality components because these typically generate more jobs than standard condominium developments. For example, Fortune International Group recently sought EB-5 designation for its Ora by Casa Tua condo-hotel tower planned for Brickell and previously raised EB-5 funds for Nexo Residences—a short-term rental-friendly condo project co-developed with Blue Road.
The EB-5 program began in 1990; meanwhile, there are ongoing discussions about alternative visa options such as a proposed $5 million gold card visa program under consideration by federal authorities as another route for wealthy foreigners seeking U.S. citizenship.
