RIVERSIDE, CA December 2012- In 2008, the year the recession hit, Forbes Magazine said the city of Murrieta would be “America’s No.1 Post Boom Town.” Four years later, the city is on track to fulfill Forbes’ prediction, thanks in part to projects funded by the EB-5 program, creating jobs and money for the community. The most recent EB-5 project to open is the Olivewood Retail Plaza located just across the street from Murrieta’s city hall. The Continental Medical Plaza is another EB-5 offering in the city that had its grand opening in September 2012. Other EB-5 projects coming down the pipeline include the Renaissance Village, an assisted living senior care development and the Murrieta Educational Center.
McAllister said, “The city is interested in attracting businesses like technology parks, medical device companies and higher education facilities.” He stated that EB-5 is “an unusual and welcome asset to our city and seems to be doing very well so far.”
The city has worked with USA Continental Regional Center, located in Murrieta, and American Redevelopment Solutions based in Irvine, California, and is open to working with any regional center looking to bring qualified EB-5 money into the city.
Murrieta is a foreign trade zone focused on expanding trade overseas. However, the challenge they faced was that businesses in the city were not able to find the money they needed to expand their business in order to take advantage of the new markets Murrieta was developing relationships with. The EB-5 program was part of the solution and two representatives from the city traveled to China on two occasions to enhance their trade agreements with the Shaoxing Province. “If you understand the EB-5 community over there . . . they all talk to each other and so the relationship portion of this is extremely important . . . If they say good things about you, more EB-5 money will come your way.”
McAllister states that the EB-5 money is just the icing on the cake. He said the real impact is having foreign investors obtain their green card, move to the United States, bringing their wealth with them, thus generating money for the economy by buying houses, cars and sending their kids to our universities.