$ 50 million project set for Davie

Foreign investors to back student housing

A $ 50 million development of retail and student housing is planned for Davie, with funding to come largely from Asian investors seeking to qualify to live in theUnited States.

It’s the first of many real estate projects expected by a new “Regional Center” that’s federally approved to market to foreign investors under the employmentbased U. S. visa program called EB- 5.

The EB- 5 program aims to encourage investment from abroad that leads to the creation of jobs in theU. S. It lets foreign investors and their families live and work in the United States if they invest at least $ 500,000 and create at least 10 jobs within two years.

Agroup led byFort Lauderdale attorney Harvey Mattel and developer Mark L. Schmidt is spearheading the Davie project, together with a specialist in student housing, United Group of Companies of Troy, N. Y., led by MichaelUccellini.

They are working with Fort Lauderdale attorney Larry Behar, whose office specializes in the EB- 5 program and obtained the “Regional Center” designation for ventures in Broward and MiamiDade counties.

The developers have purchased 12 acres at the southeast corner of Griffin Road and Davie Road near four universities, including Nova Southeastern and Broward College. They are targeting China and South Korea to raise $ 38 million more fromindividual investors who would put in $ 500,000 each.

Plans call for building three-, four- and five- story structures that will offer retail on the street