Multi-Family Development in North Oak Cliff Will Create 250+ Jobs
The City of Dallas today announced that the second project of the City of Dallas Regional Center (CDRC) is fully subscribed by foreign investors. The funds committed to the CDRC – the City's foreign investment program – will partially finance construction of Zang Triangle, a $30 million multi-family development in North Oak Cliff. The development is projected to create, directly and indirectly, more than 250 jobs for the Dallas economy. With this project, the CDRC has attracted a total of $23 million in investment capital to the City of Dallas.
"This project further validates the reason we established the CDRC foreign investment program. Through it, Dallas gains access to foreign capital that we can leverage for economic opportunity and job creation. We are especially pleased that this most recent CDRC project will be another asset for the Southern Sector of our city," said Karl Zavitkovsky, director of the City's Office of Economic Development.
The CDRC is the official EB-5 Regional Center of the City of Dallas. Through the EB-5 Immigrant Investor Program, qualified foreign nationals can earn legal U.S. residency by investing in a job-creating enterprise. Since receiving USCIS approval, the CDRC has attracted investors from China, Mexico, India, Bolivia and Russia. Civitas Capital Management, LLC, is charged with the independent management of the CDRC. Civitas provides impartial, rigorous evaluation of investment opportunities, and manages CDRC investments on behalf of investors.
Dan Healy, Managing Partner of Civitas, said, "We continue to see growing interest among foreign investors in the high-quality opportunities available in Dallas through the CDRC. The Zang Triangle project was compelling to the investors, but also to the City, who sees this as a driver for additional investment in the immediate area surrounding the development."
"Lang believes that the North Oak Cliff market has long been underserved, and we are very excited to bring new Class A multi-family housing to a market that is proactively and progressively redefining itself," said Dirik Oudt, president of Lang Partners, which is developing the Zang Triangle project.
With the full subscription of the Zang Triangle project, Civitas continues to identify and evaluate additional opportunities for foreign investment. The firm is currently evaluating more than $135 million in potential CDRC transactions that exceed the EB-5 program's job creation requirement. These include investments in additional multi-family apartments, logistics, light manufacturing, medical facilities, senior housing, financial services and other sectors of the local economy.
About Lang Partners
Lang Partners, LLC is a multi-family development company that focuses primarily on high-density urban infill developments. Lang strongly believes in the value proposition created by developing assets within walking distance of major employment centers, public transportation and major retail centers that provide an urban pedestrian lifestyle. For more information, visit www.lang-partners.com.
About the City of Dallas Regional Center (CDRC)
The CDRC is the official EB-5 Regional Center of the City of Dallas. Owned by the City of Dallas and approved by the United States Citizenship and Immigration Service (USCIS) on September 8, 2009, the CDRC enables the City to attract foreign capital to job-creating enterprises. Independently managed by Civitas Capital Management, LLC, the CDRC is a significant asset in the City's overall economic development program. For more information, visit www.civitascapital.com/CDRC.
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