DALLAS, Aug. 6, 2024 -- Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, today announced that its Third Street Promenade Santa Monica project has received Form I-956F approval from the United States Citizenship and Immigration Services (USCIS). An approved Form I-956F is a vital first step to the approval of each investor's I-526E petition.
With this approval, our investors are one major step closer to achieving their immigration goals.
The Form I-956F is designed to prove to USCIS that the project is compliant with program requirements. All EB-5 investments have been secured, and the project is closed to new EB-5 investors.
The approval covers the development of a high-street retail and creative office project at 1404 Third Street Promenade in Santa Monica, California. Civitas is helping bring this flagship mixed-use project to fruition by providing a senior loan to an experienced local developer. Construction on the project began in May 2023 and is expected to be completed in September 2024.
"It always makes us proud to see our projects succeed," said Jeff Kiser, Director and Head of EB-5 Investor Relations at Civitas. "All of the EB-5 investments have been filled, construction is on track for delivery this year, and now with this approval, our investors are one major step closer to achieving their immigration goals."
Third Street Promenade, with more than 10 million visitors annually, runs for three blocks and offers a wonderful pedestrian experience, anchored by iconic brands like Apple, Alo, Louis Vuitton, and Tiffany, as well as movie theatres, local boutiques, and sidewalk cafés.
Upon completion next month, 1404 Third Street Promenade will be the only new, state-of-the-art, ground-up construction on Third Street Promenade. Comprising approximately 25,000 square feet, the property will feature a modern design with a glass, steel, and concrete structure framed by steel I-beams extending from the street level to the top of the second floor. This architecturally distinctive building will offer tenants a dramatic façade of floor-to-ceiling-windows and high ceilings throughout. The fourth floor will have a 4,000 square-foot outdoor roof terrace, the only one of its kind on Third Street Promenade.
ABOUT CIVITAS CAPITAL GROUP
Civitas Capital Group is a nimble alternative investment manager offering compelling, niche opportunities in U.S. real estate. Civitas exists to create opportunities that enrich our communities, investors, and employees alike. Driven by relentless creativity, Civitas digs deeper to uncover opportunities that others miss. Follow Civitas Capital Group on LinkedIn. Learn more at civitascapital.com.
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