Village at Paseo, a planned retail development in Riverside County, California, is one step closer to becoming reality thanks to the recent acquisition of a large parcel of property.
The next step in this process will be securing the necessary financing necessary to begin the development phase. The development phase will begin once the funding necessary for construction has been secured, at which time the developer can begin working on tenants for the property.
When asked about how this project would be funded, the owner, Arthur Pearlman, proudly announced the support of several investors. Pearlman has been working with both Chinese and Vietnamese investors who are interested in the EB-5 program. And since this project is located in a high unemployment area of Banning, California, it is said that investors will qualify for the $500,000 investment threshold.
Issues involving TEAs, of course, have been the subject of much debate lately. The New York Times and others have weighed in on the issue, calling into question whether many of the areas came into being as a result of gerrymandering.
The Village at Paseo is currently estimated to create as many as 400 jobs, and the tax and fees should benefit the town of Banning as well.
The original plans for this project are promising, according to the developer. Current plans include a two-story facility with retail stores on one level and office space on the second level. Future plans include a second building that will house either additional office space or hotel rooms. While leases have yet to be signed, some significant anchors have expressed an interest in the project, including Chili's and Hampton Inn. Developers have approached several other prominent U.S. chain establishments as well.
The American Redevelopment Regional Center will handle fundraising for this project. It will need to raise a total of $20.5 million through the EB-5 visa program to meet its funding goals.