The 83-story Panorama Tower, already under construction by developer Florida East Coast Realty (FECR) in Miami’s Brickell District, will become the city’s first designated development under the federal EB-5 program that grants green cards to foreign nationals that invest in U.S. commercial enterprises.
At 830 feet, the tower is set to rise on the district’s largest land parcel at 1101 Brickell Ave.and will be the tallest residential building on the eastern seaboard south of New York.
The city recently received approval for designation as an EB5 “regional center” for foreign investment under the U.S. Citizen and Immigration Services immigrant investment visa program. The Miami regional center includes the three main South Florida counties of Miami-Dade, Broward and Palm Beach and is the only fully city owned, managed and operated regional center in the U.S.
The $800 million project is expected to bring about 1,300 construction jobs and the entire complex will have about 192 permanent management employees, 800 tenant employees and 220 visiting students. The construction schedule calls for 3 1/2 years for completion of the new tower, planned for delivery in early 2018.
Panorama Tower’s 19-story pedestal will include over 100,000 square feet of medical office space with a teaching facility, a 2,000-car parking garage, a 208-room hotel and over 50,000 square feet of high-end retail outlets and restaurant space. Directly on top of the pedestal will be the recreation deck, and above that will be the residential tower, consisting of 64 stories and 821 luxury rental apartments.