Turkish developer Okan Group has become eligible to raise EB-5 funds for its Okan Tower project in downtown Miami. The move allows foreign investors to help finance the Hilton-branded condo-hotel tower, according to information obtained by The Real Deal.
Okan Tower, once completed, will feature a 316-key Hilton hotel, 236 condo-hotel units managed by Hilton, 163 condominiums, over 80,000 square feet of amenities, and 60,000 square feet of office space. The building was designed by Behar Font & Partners and marks Okan’s first development in the United States.
Construction on the planned 70-story high-rise at 555 North Miami Avenue has reached the 31st floor. Michael Sadov, who became sales director in June, said completion is expected by the end of 2027. Edgardo Defortuna’s Fortune Development Sales is leading sales efforts for the project.
Sadov stated that “the developer will release 30 EB-5 investor slots at a time,” but did not disclose how much Okan hopes to raise through EB-5 funding. The federal EB-5 program requires a minimum investment of $1.05 million and offers green cards to investors and their immediate families if their funds result in the creation of at least ten full-time jobs for U.S. workers.
To date, Okan has self-funded construction. The project was paused in 2020 due to the pandemic but sales resumed the following year. In 2017, an affiliate of Okan paid $18.1 million for the nearly one-acre site. The area around the site includes other new developments such as Crosby at Miami Worldcenter and Melo Group’s Downtown 6th.
According to Sadov, “the building is just over 60 percent presold.” Unit prices start at $750,000 for a condo-hotel studio and go up to $3.6 million for a condominium unit, not including penthouses.
Although preconstruction condo sales have slowed across South Florida recently, Sadov reported an increase in buyer interest over recent weeks. He noted that his team has been traveling internationally—especially to Colombia, Mexico and Brazil—to market units where most foreign buyers are based; Turkey is also being targeted.
Sadov clarified that “not all EB-5 investors purchase units.”
A growing number of Miami-Dade County condo developers are seeking EB-5 investment for financing projects with hospitality elements because these typically create more jobs than traditional residential towers.
Fortune International Group—also led by Defortuna—recently applied for EB-5 designation for its Ora by Casa Tua condo-hotel tower planned in Brickell and previously raised EB-5 funds for Nexo Residences in North Miami Beach with Blue Road’s Jorge Savloff.
The federal EB-5 program began in 1990; meanwhile, there have been discussions under the Trump administration about launching a separate $5 million gold card visa program aimed at wealthy foreigners seeking U.S. citizenship.
