EB-5 MARKET IN WASHINGTON D.C.: Washington D.C. is a significant EB-5 market. As of May 2020, District of Columbia has 18 approved regional centers listed by USCIS.
WASHINGTON D.C. ECONOMY: Washington, D.C. is the capital of the United States and one of the most visited cities in the country. It is also the 20th most populous cities in the U.S. D.C.’s gross state product was about $146 billion in 2019, according to U.S. Bureau of Economic Analysis. The main industries are government, tourism, education, finance, public policy and scientific research. Many law firms, trade unions, lobbying firms, nonprofit organizations, defense contractors and other organizations are based out of D.C. to be close to the federal government.
POPULATION OF WASHINGTON D.C.: The U.S. Census Bureau data shows the population in District of Columbia at 705,749. 45.6% of the area’s residents identify as white, 46.4% Black or African American, 11.3% Hispanic or Latino and 4.4% Asian. English is most widely spoken, and a small percentage of population speaks Spanish.
IMMIGRATION SITUATION: District of Columbia has a significant immigrant community. American Immigration Council estimates that 14.1% of District of Columbia’s residents were immigrants, and one in five self-employed business owners were immigrants who generated $163 million in total annual revenue. The majority of immigrants come from El Salvador, China, Ethiopia, Mexico and India.
COMPLETED EB-5 PROJECTS IN WASHINGTON D.C.:
The Aspen, a multi-family residential and retail building, included $9 million from 18 EB-5 investors and created 293 jobs, according to the LCP Group.
The Harlow, multi-family residential complex, included $14 million from 28 EB-5 investors and created about 400 jobs, according to the LCP Group.
Columbia Place received $40.5 million in funding from 81 EB-5 investors through EB5 Capital regional center. It created 1,794 jobs and was completed in 2018. Columbia Place is the second phase of the Marriott Marquis project. It included the development of a 504-room, dual-branded Marriott hotel in the heart of downtown Washington, D.C. The development features a 357-room Courtyard by Marriott, and a 147-room Residence Inn by Marriott. The hotels are adjacent to the Marriott Marquis, creating a complete hotel complex servicing the Walter E. Washington Convention Center across the street. Amenities include 10 meeting rooms, a large fitness center and several dining options.
Marriott Marquis Convention Center Hotel Complex received $5 million in EB-5 funds from 10 investors through EB5 Capital regional center. It created 3,419 jobs and was completed in 2014. The project is a new $537 million 1,167-room full-service Marriott Marquis in downtown D.C. The hotel connects to the Walter E. Washington Convention Center via concourse and spans almost a city block. EB5 Capital also financed a dual-branded 250-room Residence Inn by Marriott and a 250-room Courtyard by Marriott across the street.
City Market at O Street received $12.5 million in EB-5 funds from 25 investors through EB5 Capital regional center. It created 3,384 jobs and was completed in 2014. The multi-phase project is a mixed-use, historic redevelopment and new construction in downtown Washington, D.C. The development includes multifamily housing, a senior living facility called "The Hodge," a Cambria Suites hotel and a Giant supermarket. City Market at O Street was one of 14 projects in the country selected by the Obama Administration for fast-tracking due to its strong job creation. JF4 invested in Phase I of the project.
DC Hilton Hotels received about $39 million in funding from 78 EB-5 investors through EB5 Capital regional center. It created 1,224 jobs and was completed in 2016. The project includes a 114-room Homewood Suites and a 125-room Hampton Inn near the NoMa neighborhood in Northeast D.C.
Riverfront at the Navy Yard received $17 million in funding from 34 EB-5 investors through EB5 Capital regional center. It created 889 jobs and was completed in 2016. The multi-family residential and retail project on the riverfront in southeast D.C. is next to Nationals Park, which is the stadium of the local Major League Baseball team, the Washington Nationals.
The Coliseum received $18 million in funding from 36 EB-5 investors through EB5 Capital regional center. It created 886 jobs and was completed in 2017. The project is a retail and office development in downtown D.C., about a mile from the U.S. Capitol. The historic Uline Arena, formerly known as the Washington Coliseum, used to be an indoor ice rink and stadium for local professional sports teams. It later became a major venue for events, including The Beatles’ first North American concert. National retailer REI has one of its flagship stores there.
1000 F received $9 million in funding from 18 EB-5 investors through EB5 Capital regional center. It created 232 jobs and was completed in 2017. The project is a mixed-use redevelopment and construction of about 110,000 square feet of retail and office space five blocks from the White House in downtown D.C.’s Chinatown.
The Highline received $27.5 million in funding from 55 EB-5 investors through EB5 Capital regional center. It created 622 jobs and was completed in 2019. The project is a mixed-use development of 317 luxury apartments and 10,000 square feet of retail space on the ground floor of the 13-story building. The Highline is in NoMa, one of the fastest growing neighborhoods in the area and features unobstructed views of the national monuments.