The chief operating officer of AZ Sourcing, parent company of PhoenixMart, is certain the project will be able to continue without the same number of foreign investors it originally secured.
Marshall Stahl, who is also the CEO of PhoenixMart, recently met with the Casa Grande Dispatch to discuss changes the company has undergone and new time frames for the PhoenixMart project, which is under development at Florence Boulevard and Overfield Road.
Stahl said AZ Sourcing has experienced a change in strategy from how it originally planned to fund the giant wholesale distribution center that is to be built in Casa Grande.
Through the EB-5 visa investor program administered by U.S. Citizenship and Immigration Services, AZ Sourcing had expected to receive about $150 million in funding from at least 300 foreign investors.
The EB-5 program grants residency visas to foreigners who pledge $500,000 to an American commercial enterprise that promises to create at least 10 jobs.
The number of foreign investors committed to PhoenixMart has decreased to about 100, according to Stahl. But the company has already received about $40 million in EB-5 investments released through the federal government.
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