In Brief: Brevet Capital announced that U.S. Citizenship and Immigration Services has approved the first I-829 Petition to Remove Conditions on Permanent Resident Status for an investor in the JW Marriott Bonnet Creek Resort & Spa project in Orlando, Florida.
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JW Marriott Bonnet Creek Resort & Spa – Image Credit Marriott International
U.S. Citizenship and Immigration Services has approved the first I-829 petition for an investor in the JW Marriott Bonnet Creek Resort & Spa project in Orlando, Florida. The approval was secured through BC Immigration Fund LLC, an investment vehicle managed by Brevet Capital, four months after the original filing date.
The I-829 petition is the final step in the EB-5 immigration process, which allows foreign nationals to obtain U.S. permanent residency through qualifying investments in job-creating commercial enterprises. Approval verifies that the project has met program requirements, including the creation of the required number of qualifying jobs. As a result, the investor and eligible family members are expected to receive unconditional permanent resident status in the United States.
The JW Marriott Bonnet Creek Resort & Spa is a 516-room, 18-story hotel located inside the gates of Walt Disney World in Orlando, Florida. The property includes over 50,000 square feet of meeting and banquet space, a spa, specialty restaurants, resort pools, and a rooftop terrace with views of nightly fireworks. The project cost $282 million to develop. Schar Holdings developed the property, PCL Construction Services constructed it, and Huitt-Zollars was responsible for the design.
The I-829 process requires EB-5 investors to demonstrate that their investment was sustained and that the necessary jobs were created during the conditional residency period. The approval of the JW Marriott Bonnet Creek Resort & Spa project marks the completion of this process for the first investor.
