Some EB-5 foreign investors are willing to put more money on the table to finish building townhouses and condos at Jay Peak Resort’s State Side project to get their green cards.
Court-ordered receiver Michael Goldberg said he’s been approached by foreign investors who want to complete the 35 townhouses that are in various stages of construction, put on hold by the fallout of the lawsuits against the EB-5 funded projects in the Northeast Kingdom. He is meeting with them this week.
“It’s premature to tell you exactly what will happen. My gut reaction is that it will go forward,” Goldberg said Wednesday.
The investors are concerned that if the project is left unfinished, their initial $500,000 investment will not have created enough jobs in the area to ensure that they will receive their green cards.
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