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EB-5 Funding Plan May Delay New Lakeshore East Tower
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Building O, 195 N Columbus Dr, in Lakeshore East may find itself on the back burner given EB-5 drama playing out in DC, The Chicago Architecture Blog reports. (Read our primer on EB-5, a path to citizenship via $500k-plus of real estate investment, here.) It’s an issue of checks and balances: The General Accounting Office wants proof that the foreign investments created jobs, while Homeland Security wants beefed up background checks. Magellan Development told the Sun-Times it’s only considering EB-5 to fund the bKL-designed tower (two hotels and residential), and given the snail’s pace in Washington it wouldn’t be surprising if it looked elsewhere.
