Hall of Fame Village Secures I-956F Approval from USCIS

We are very honored to announce that on April 3, 2024, LCR Capital’s Hall of Fame Village EB-5 project received its I-956F approval from the United States Citizenship and Immigration Services (USCIS). Even though the EB-5 raise for this project has closed, this important milestone signifies that the business plan meets the government’s review of its economic viability and job creation potential and removes concern about project issues for investors who send their I-526E individual petition looking to obtain a conditional green card under the EB-5 Immigrant Investor Program.

The Project

Owned by the Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV), Hall of Fame Village is an iconic EB-5 project centered on an $800+ million mixed-use signature real estate development. The Hall of Fame Resort & Entertainment Company leverages proprietary content from the top players of American football to create themed attractions, hospitality, live entertainment, performance training, youth sports programming, and media extensions such as fantasy football and sports betting.

The EB-5 project is an extension of an existing development that has already been approved by the USCIS and has secured immigration benefits for over 100 investors. With an experienced management team and proven track record in securing significant corporate sponsorship, it is being developed by Industrial Realty Group, LLC, which has over 10 years of experience raising and repaying EB-5 capital.

Why Is I-956F Approval Important

This I-956F approval is an important step for investors entering the EB-5 program’s pathway to obtaining permanent US residency. The reasons are:

  • Validation. USCIS approval confirms that Hall of Fame Village meets the EB-5 program’s rigorous economic and job creation criteria. This reduces risk for investors and assures them that the project’s viability will not be an issue when they submit their personal application for immigration approval.
  • Eligibility. With I-956F approval, the project becomes formally eligible to receive EB-5 investment. A project can take investment before approval, and most high-quality projects provide guarantees to return investors’ capital if the project application is denied, but with I-956F approval, this risk that investors’ capital won’t be returned is reduced.
  • Increased investor confidence. Approval bolsters investor confidence and trust in the project’s viability, potentially attracting more participants and expediting the fundraising process.
  • Conclusion

For investors that have committed to this project, the I-956F approval, like the I-924 exemplar approvals before the Reform and Integrity Act, helps ensure that their immigration benefit will be received. IRG and the HOFRECo have been executing the business plan submitted in the I-956F. They have built the Center for Performance, Constellation Center for Excellence, Fan Engagement Zone, ForeverLawn Sports Complex, Play-Action Plaza, and Tom Benson Hall of Fame Stadium. Despite ongoing progress with the water park and hotel, the project has already created jobs beyond the jobs already approved in Phase I.

If you are looking for an EB-5 project, LCR offers other great projects with developers with a proven track record.

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