CAPITOL AREA REGIONAL CENTER Metro Washington, DC
CAPITOL AREA REGIONAL CENTERMetro Washington, DC

CARc Artists Row EB-5 Project Fund Approved by USCIS

On October 25, 2017 Capitol Area Regional Center (CARc) received confirmation from USCIS confirming that an EB-5 investment made by a qualified foreign individual through CARc in CARc Job Fund - The Artists Row Project Loan Series, LLC meets the requirements of the EB-5 regional center program and will thus enable the investor, his or her spouse and their minor children, to apply for and each receive conditional approval for a "green card" and obtain permanent legal residency in the USA. Artists Row is a mix-use project being developed on two sites on Rhode Island Avenue within the vibrant “Gateway Arts District” in Brentwood, Maryland by a public-private joint venture between Prince Georges County, Maryland and affiliates of The Landex Organization. Phase I of Artists Row, Studio 3807, is under construction and is scheduled to be substantially completed by June 2018. Phase II, The Artisan, is expected to begin construction Q1 2018 and be completed in Q3 2019. Over 500 full time new jobs are projected to be created regionally as a result of the development of Artists Row. CARc is offering qualified foreign individuals interested in making a qualifying EB-5 program investment the opportunity to apply and invest in The Artists Row Project Loan Series Fund. 

For more detailed information, accredited foreign investors or their authorized advisors may email Michael Kolodner at mkolodner@eb5dc.com (1-631-423-4290); Michael Sears at msears@eb5dc.com (1-703-346-8311); or Erin Guan at erin@eb5dcs.com.

 

Second Arts District Ground Breaking by P.G. County RDA & The Landex Organization at The Artisan at 4100 Rhode Island Avenue

Developed by Landex Development, Artisan 4100 is designed to meet LEED Gold standards and will feature 84 market rate apartments, 4800 square feet of retail space and music studios. The building will offer advanced sustainable living options and will be powered by solar panels and offer electric charging stations as well as access to zip car and bike share.

 

The $29 million dollar project, along with its sister development, Studio 3807, is a visible sign of the commitment by local authorities as well as private investors in the growth of the area. Studio 3807 is slated to open in Spring, 2018 and will include 147 market rate apartments, 6300 square feet of retail space and 3000 square feet set aside for artist studios. The building will also house a gallery displaying a permanent collection of art purchased by Landex from Gateway Arts District artists.

 

Referencing the two projects, County Executive Rushern L. Baker said, “We have two market rate developments within blocks of each other which will exceed $60 million in development cost and create over 250 construction jobs in the Gateway Arts District. These are the types of projects that fuel the economic engine in Prince George’s County.”

 

“We are thrilled to be continuing our investment in the Gateway Arts District,” said Peter Siegel, CEO Landex Development. “This is an amazing opportunity to help a vibrant area continue to grow and prosper while also supporting local art and artisans.”

 

The Gateway Arts District was established by the Prince George's County government in 2001 as an Arts and  Entertainment District to use the arts to promote economic development. The Gateway Arts District is a focal point for art activities of all types, as well as for socializing, entertaining, dining, shopping, and living. It offers the richness and diversity of the metropolitan region, but retains at its core the heart of the four small towns: Mount Rainier, Brentwood, North Brentwood, and Hyattsville. Spanning two miles along Route 1 Baltimore/Rhode Island Avenue, with quick access  to the MARC, two Green Line stations, and several bus lines to Mount Rainier, the Gateway Arts District is the perfect home for artists, art-lovers, families, commuting professionals, and students. The rich artistic diversity of the area results in a variety of restaurants, coffee houses, local and regional theatres, galleries and entertainment, as well as arts-related businesses such as arts and crafts stores, designers, and art supply stores that support and extend the influence and  economic vitality of the artists' community.

 

Landex Development is a family-owned real estate development company founded in 1983 and specializing in the formation of public/private partnerships for the acquisition, rehabilitation, and new construction of market rate, mixed- income, and affordable multi-family housing communities in urban settings, including in Maryland,  Florida, Massachusetts, Pennsylvania, Missouri, North Carolina, New Jersey, Utah, Virginia, Washington, and the District of Columbia. The firm has developed and operated over 7,500 high-quality, well-constructed, and well managed multi-family housing apartments for lease.

 

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