Dubai builder offers US Green Card with $150m homes near Disney World
Fortune Star home investors in Florida can gain permanent US residency, developer Sternon says
Dubai-based real estate development company Sternon Group is offering investors a Green Card, which denotes permanent US residency, through a $150m (AED551m) residential construction project close to the Disney World theme park in Orlando, Florida.
Sternon Worldwide, the international real estate arm of the UAE company that has built projects in India and Africa, is set to begin construction work on the Fortune Star homes, which have been designed by Ray Scott and Matt Cormia. The three-tower project includes 550 luxury apartments, and will be developed in three phases at Kissimmee, close to Disney World.
Phase 1 of the project includes 250 apartments, in the construction of which around 40 investors have participated under the EB-5 investor immigration programme in the US.
The programme allows investors to gain permanent US residency, also known as a Green Card, which requires a minimum investment of $500,000 that creates American jobs. One Green Card is awarded in the creation of 10 American jobs.
Fortune Star’s first phase includes an eight-storey building overlooking the Magic Kingdom of Disney World.
The company proposes to develop Phases 2 and 3 respectively including 18- and 20-storey buildings, in addition to amenities such as commercial spaces, in the future.
Hussaini F Nalwala, managing director of Sternon Group, said the remaining 170 apartments of Fortune Star’s Phase 1 have “been kept aside for leasing”.
He added: “Land for the development of the project has been acquired, following which all the permits have been obtained, and we expect the main construction activities to start in April. We expect to deliver the project in 2.5 years’ time.”
Sternon Group is said to have entered the UAE market with an $80m (AED300m) residential scheme, and has also developed projects in the US – including Orlando’s Sternon Plaza – and a $170m project along India’s Mumbai-Pune Expressway. The project is geared towards non-resident Indians (NRIs) and is close to the Navi Mumbai International Airport.