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Can The Eastern Tower in Chinatown Raise $33M?

Chinatown's Eastern Tower, a community center and residential development can become a reality if developers can raise $33M. Their new plan for getting the funds together is to offer US visas to Chinese investors willing to lend $500K to help finance the project.

The program that allows for this exchange of financing for visas is called EB-5. It allows foreign investors to get visas for themselves and their families in exchange for creating ten jobs for at least two years.

Though raising $33M would require 66 investors to loan $500K each, the Philadelphia Chinatown Community Development Corporation's president says that it's a very realistic goal.
· Chinatown's Eastern Tower development gets key approval [Philly.com]