CURRENT PROJECT
The Tower at Convergence
- Oklahoma City, Oklahoma
- |
- High-Unemployment-Area (HUA) EB-5 Project
Located in Oklahoma City’s Innovation District, this project is the first phase of a larger development and consists of a 235,479-square-foot office building constructed above a two-level underground parking garage, along with public space improvements. The eight-story office tower is a central hub for technological innovation.
A second phase, which is not part of this EB-5 offering, is expected to include a hotel and restaurant. Oklahoma City has also developed a public facility known as Innovation Hall near the site. The overall development, of which this EB-5 project is a component, is anticipated to feature amenities such as a fitness center and/or convenience retail within the hotel, enhanced security serving both the Tower at Convergence and Innovation Hall, and a dedicated tenant lounge supporting Innovation Hall’s growing innovation community.
Project Summary
Location
308 NE 9th St, Oklahoma City, OK 73104
Developer
BT Development, LLC
Construction Status
Construction of the building is largely completed, with some tenants already occupying their office spaces. Fit-outs and interior finishes are still in progress.
Estimated Jobs at Completion
28+ total jobs per investor
Total Project Cost
$151.6M
Total EB-5 Capitalization
$55.2M
Investment Required
$800,000
Structure
Secured Debt
Loan Term
5 years
Why Is The Tower at Convergence an Exceptional EB-5 Project?
USCIS-Approved EB-5 Project
The Tower at Convergence qualifies as a high-unemployment-area EB-5 project, allowing investors to benefit from priority processing and access to the 10% TEA set-aside for EB-5 visas. The project has already secured I-956F approval.
Experienced Developer
The project will be developed by BT Development, LLC, owned by Richard Tanenbaum, principal owner and CEO of the Gardner Tanenbaum Group, a fully integrated real estate developer with over 60 years of experience that manages more than one million square feet of multifamily properties, six million square feet of industrial and office space, and over 300 acres of land across Oklahoma City, and by Mark Beffort, CEO of Robinson Park, a national full-service real estate firm based in Oklahoma City with a portfolio exceeding 12 million square feet of office space valued at over $2 billion. Robinson Park’s hospitality portfolio includes eight hotels totaling 2,251 rooms across the Hilton Curio, Hilton, and Marriott brands.
Positioned for Office Leasing & Sales Growth
While many other markets struggle to achieve strong growth in office leasing and sales, Oklahoma City continues to outperform the national average across most key indicators. For landlords, both vacancy rates and the number of months on market are trending downward, driven by increased leasing activity in the city. For buyers, the average price per square foot and cap rates remain more competitive than the national average, positioning Oklahoma City as a market with long-term capacity for investment growth for both institutional and local investors.
Master Plan Projected to Generate $1.2 Billion in Annual Economic Impact
This mixed-use development includes The Tower at Convergence, Stiles Park, a two-level below-grade parking garage, and Oklahoma City’s Innovation Hall. The pedestrian-friendly environment connects Oklahoma’s two largest universities—a feature that is critical to the success of Oklahoma City’s Innovation District—and sits adjacent to the Oklahoma Department of Commerce and the State Chamber of Oklahoma. A key feature of this high-density project is the collaboration between public and private partners to build a foundation of inclusivity, diversity, growth, and opportunity for all Oklahomans.
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FAQs
How does the ‘’at risk’ requirement interact with the various ‘’guarantees’’ that LCR Capital negotiates with the developer on the fund level?
The EB-5 Immigrant Investor Program’s “at risk” requirement, mandated by the US Citizenship and Immigration Services (USCIS), ensures investments carry risk without direct guarantees to individual investors. LCR Capital’s fund-level guarantees comply with this rule while enhancing investor protections.
- Fund-Level Guarantees: LCR Capital negotiates guarantees at the EB-5 fund level, not between developers and individual investors. These fund-level protections, such as denial, project completion, or loan repayment guarantees, apply to the investor cohort collectively, maintaining compliance with USCIS regulations.
- No Conflict: The “at risk” requirement applies at the individual investor level, while LCR’s guarantees operate at the macro fund level, ensuring no direct promises are made to individual investors, thus adhering to EB-5 rules.
What are the criteria used to evaluate the I-829 petition?
The US Citizenship and Immigration Services (USCIS) evaluates I-829 petitions based on the following key criteria:
- Creation of at Least 10 Full-Time Jobs
The investor must demonstrate that their investment in the New Commercial Enterprise (NCE) has created or preserved at least 10 full-time jobs (minimum 35 hours per week) for qualifying US workers, excluding the investor and their family. For direct investments, this requires evidence such as payroll records or tax documents. For regional center investments, an economic impact report, typically provided by the regional center to the investor and their attorney, may be used to verify direct, indirect, or induced job creation. - Sustained Investment
The investor must prove that the required investment ($1,050,000 or $800,000 in a Targeted Employment Area) has been sustained throughout the two-year conditional residency period and remains “at risk.” This includes providing financial records, business documents, or other evidence showing the investment was maintained and not withdrawn. - Compliance with Physical Presence Requirements
The investor must show they have not abandoned US residency. While there is no strict 183-consecutive-day rule, extended absences from the US (typically over six months) may raise concerns about residency intent unless justified, such as with a re-entry permit obtained from USCIS prior to departure.
What are the reasons why a petition may be denied? Would the capital invested be returned?
I-526 Petition Denial Reasons: An I-526 petition may be denied for the following reasons:
- Inadequate Source of Funds Documentation
USCIS may deny the petition if the investor fails to provide complete and transparent documentation proving the lawful source of the invested capital, such as a clear paper trail from sources like salary, property sales, or gifts to the New Commercial Enterprise (NCE). - Non-Compliant EB-5 Project
The petition may be denied if the project does not meet EB-5 program requirements, such as lacking a valid I-956F approval for regional center projects, failing to qualify as an NCE, or not demonstrating the creation or preservation of 10 full-time jobs.
Working with a reputable regional center and experienced immigration attorney is crucial to ensure compliance with USCIS requirements for both the source of funds and project structure. In the event of an I-526 denial, industry best practices typically include provisions in the project’s Private Placement Memorandum (PPM) for returning the investor’s capital, often within 90 to 180 days, depending on the project’s escrow agreement.
I-829 Petition Denial Reasons: An I-829 petition may be denied for the following reasons:
- Failure to Create or Sustain Required Jobs
The petition may be denied if the NCE does not create or preserve at least 10 full-time jobs (minimum 35 hours per week) for qualifying US workers, as evidenced by payroll records or economic reports for regional center projects. - Failure to Maintain US Residency
The investor must demonstrate they have not abandoned US residency during the two-year conditional residency period. Extended absences (typically over six months) without a re-entry permit may lead to denial, as USCIS evaluates residency intent.
Capital Return After Denial: For an I-526 denial, the return of capital is governed by the project’s PPM, which typically outlines refund procedures, with funds often returned within 90 to 180 days, depending on escrow terms. For an I-829 denial, investors may request capital return after the conditional residency period, as the investment is no longer required to remain “at risk” post-I-829 filing. However, the timing and feasibility of the return depend on the project’s structure and loan repayment terms outlined in the PPM. A denial at the I-829 stage does not typically require a separate request for capital return if already initiated.
After my I-526 petition approval, may members of my family have their consulate interview in different countries?
US Citizenship and Immigration Services (USCIS) permits EB-5 family members to attend consular interviews in different countries. Typically, interviews are held in the country of origin or where family members have current ties. However, a family member, such as a student studying in the US, may apply for adjustment of status at a USCIS district office instead of returning to their country of origin for consular processing.
It is recommended that family members attend their consular interviews together in the same country to ensure smoother and faster processing for all involved.
What is a Follow-to-Join petition?
The Follow-to-Join benefit allows the spouse and unmarried children under age 21 of a lawful permanent resident (Green Card holder) to obtain immigrant visas and Green Cards without filing separate immigrant petitions for each dependent. This benefit applies only if the familial relationship (spouse or child) existed when the principal applicant was granted lawful permanent resident status and if the principal’s Green Card was obtained through a preference-based visa category, such as the EB-5 program. Eligible dependents can apply for immigrant visas at a US embassy or consulate abroad or, already in the US, adjust their status through US Citizenship and Immigration Services (USCIS).