With shovels in hand and thousands of jobs waiting on the wings, CanAm Enterprises today joined Hilco Redevelopment Partners (HRP) to break ground on the Bellwether District – a 1,300-acre redevelopment of a former refinery site into a modern, sustainable multi-modal dual hub for logistics facilities and a life sciences and innovation campus in Philadelphia.
CanAm Enterprises Joins Hilco Redevelopment Partners
On a tract that measures the approximate size of Center City – the geographical business and residential heart of Philadelphia, the comprehensive brownfield redevelopment will be completed in phases over several years. With HRP’s completion of earlier phases, including the demolition, removal, and recycling of the brownfields site, today’s groundbreaking ceremonially begins the next phase to be supported by CanAm’s EB-5 loan. The Targeted Employment Area (TEA) $100 million loan will fund the vertical construction of two facilities on Bellwethers’ logistics campus, along with horizontal improvements for both campuses, including earthwork, utilities, and building 1.5 miles of new connecting roads.
“The Bellwether District is emblematic of the EB-5 program’s power to transform properties and local economies while creating thousands of 21st century jobs,” said Tom Rosenfeld, CanAm President and CEO. “This project opens vast new rental space to meet the city’s appetite for logistics and life sciences while transforming an old industrial site into a clean, sustainable, and modern hub for commerce. Through their EB-5 loan, CanAm EB-5 investors are literally laying the groundwork for a much larger re-imagining of the single most important property in the city of Philadelphia,” Rosenfeld said. HRP’s future phases of the Bellwether District redevelopment (not part of the current Bellwether EB-5 Project) will feature 11.5 million square feet of state-of-the-art industrial space, along with a 2.7 million square-foot innovation campus geared towards life science and technology companies, with the projected creation of 19,000 new permanent jobs in Philadelphia.
As a TEA project, EB-5 applicants qualify for the lower capital EB-5 investment of $800,000. Immigrant investors who are already in the U.S. lawfully on another visa may be eligible to access immediate green card benefits by changing their status and concurrently submitting a petition to participate in this TEA project.
The life science/innovation campus will be located minutes from Philadelphia’s University City, home to University of Pennsylvania, Drexel University, and a host of other important medical and research institutions. The Bellwether logistics campus will be strategically situated at the mouth of the Schuylkill River, where it converges with the Delaware River. The site is in close proximity to the Port of Philadelphia, Philadelphia International Airport, and the Philadelphia Navy Yard, and has direct access to Interstates I-76 and I-95.
About the EB-5 Program
The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services (“USCIS”). The Program provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for investing $800,000 in businesses located in Targeted Employment Areas that create at least ten full-time jobs for U.S. workers.
About CanAm Enterprises
CanAm Enterprises, with over three decades of experience promoting immigration-linked investments in the US and Canada, has a demonstrated track record of success. With over 65 financed projects and $3 billion in raised EB-5 investments, CanAm has earned a reputation for credibility and trust. To date, CanAm has repaid more than $2.26 billion in EB-5 capital from over 4,530 families. CanAm manages several USCIS-designated regional centers that stretch across multiple states.For further information, please visit www.canamenterprises.com.
Disclaimer: Past performance is not indicative of future results. No offer to sell any security is made by this press release. Offerings will be made pursuant to exemptions from registration requirements set out in applicable securities laws. Prospective investors should take note of the risk factors described therein. EB-5-related decisions should be guided by the advice of and consultation with professional immigration attorneys, tax and financial advisors. Investments made through the U.S. EB-5 program must be “at risk” in the same way that investments in stocks or equity funds carry an inherent risk. There is no guaranteed financial return.
