Brevet Capital revealed that U.S. Citizenship and Immigration Services (USCIS) has approved the first I-829 Petition to Remove Conditions on Permanent Resident Status for an investor in the JW Marriott Bonnet Creek Resort & Spa project in Orlando.
The approval was secured through BC Immigration Fund LLC (BCIF), the SEC-registered investment vehicle managed by Brevet Capital, four months from the date of original filing.
I-829 approval for this project represents the final step in the EB-5 immigration process, which allows foreign nationals to obtain U.S. permanent residency through qualifying investments in job-creating commercial enterprises. It verifies that the project successfully meets all program requirements, including the creation of the requisite number of qualifying jobs. With this approval, the investor and their eligible family members are expected to receive unconditional permanent resident status in the U.S.
“This first I-829 approval is a significant milestone for BCIF and our investors,” said Joan Hull, director, EB-5 capital development, Brevet Capital. “We look forward to continuing to demonstrate the real benefits the EB-5 program delivers both at the JW Marriott Bonnet Creek and across our portfolio.”
The property is a 516-room, 18-story luxury hotel located inside the gates of Walt Disney World. It features more than 50,000 sq. ft. of meeting and banquet space, a luxury spa, specialty restaurants, resort pools and a rooftop terrace with views of the nightly fireworks. The $282 million project was developed by Schar Holdings, constructed by PCL Construction and designed by Huitt-Zollars.