Source: Caller.com
By: Nadia Tamez-Robledo
ROBSTOWN — As the developers of the forthcoming Robstown outlet mall prepare for another milestone, they also could be part of breaking ground in a new type of financing available for companies setting up shop in Nueces County.
Dolphin Ventures partner Rick Carduner said they’re nearly done with construction drawings for the Outlets at Corpus Christi Bay and will apply for building permits within 30 days. Doors are still set to open June 1, 2015.
The project hit its first road bump with the economic downturn of 2008, about a year after developers proposed purchasing land near the Richard M. Borchard Regional Fairgrounds.
More recently, the land has been purchased, ground has been broken, and Robstown became the Nueces County headquarters for the local Immigrant Investor Program, also known as the EB-5 program, through the Homeland Security Department.
The outlet mall has been approved to pursue some of its financing through EB5, Carduner said.
“After the Great Recession, companies needed more equity because banks are more cautious about giving out loans,” he said. “One of the tools developers use to raise equity is through the EB-5 program.”
Through the program, foreign investors must invest at least $500,000 in a Nueces County company and create 10 full-time jobs. In exchange, they can apply for two-year conditional residency for themselves and dependents and, later, permanent residency.
Developers are working out an agreement with the Robstown EB5 Regional Center, Executive Director Herman Rodriguez said. What sets the Robstown center apart is that it is run independently of developers.
“We literally are trying to protect our reputation, bring solid good business to Coastal Bend and bring jobs,” he said “We’re OK with everyone making a buck, but ours main (goal) is job growth.”
The center is planning a formal launch, including a new website, within 30 days. Eagle Ford Shale activity, increasing local tourism and Robstown’s proximity to highways and the Port of Corpus Christi make it an ideal area to attract industries.
“You’ve got a tide changing in the area,” he said.