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ILW.COM EB-5 Blog

$600 Million Northeast Kingdom Development

Rating: 11 votes, 5.00 average.

Bill Stenger and partner of Jay Peak, Ariel Quiros,
announced the two new chief executive officers of two companies, as a part of
the partners' EB-5 plan, that will create over 600 jobs in the Northeast
Kingdom. Stenger and Quiros are excited about the leadership for the two new
companies.


First, AnC Bio Vermont, a biotech company, will be headed by
Dr. Ike Lee, a Harvard Medical School graduate and president of AnC Bio South
Korea. AnC Bio Vermont will be separate from the South Korean company. Lee
believes that, rather than being isolated, the company will be at an advantage
at its location in Newport. The company may be able to attract scientists who
wish to work in a rural setting but cannot often find jobs in rural areas. In
fact, he hopes they may be able to attract scientists who left Newport for
areas like Silicon Valley. He also hopes to have the opportunity to develop new
technologies with the University of Vermont and introduce them to the market. Additionally,
he voiced that the Newport location will be advantageously close to the biotech
centers of industry for both the United States and Canada in Boston and
Montreal.


Second, Menck USA, a German company manufacturing windows
that are energy-efficient, will be headed by Todd Bachelder. Bachelder believes
that Vermont's long-time tradition of woodworking and the region's history as a
supplier of wood will be beneficial to the company. It will also help the company
find the right people to fill positions; thus why many window manufacturers are
attracted by the northern region of the United States. They will be moving into
a 90,000-square-foot property once occupied by a high-end ski wear producer, Bogner
of America, Inc.  


Stenger and Quiros formed the most ambitious development project
in the state of Vermont and what has become known as what may perhaps be the
largest EB-5 project in the United States. Stenger often expresses the
sentiment that the projects are about creating jobs for U.S. workers. He
himself has been involved in five EB-5 projects, including Jay Peak, the $25
million Pump House Indoor Waterpark, the Renaissance Block in downtown Newport,
the Newport Marina and Conference Center, the Burke Mountain's development and
the Newport Airport.


The Jay Peak EB-5 projects, including Jay Hotel ($75
million) and the Pump House Indoor Waterpark ($25 million), have been finished.
Additionally, Burke Mountain's development has started the process of
permitting for the first phase, which will include a lodge and two hotels to
begin in the summer and open in December.


The EB-5 Program is a federal program in the United States
overseen by the United States Citizenship and Immigration Services (USCIS).
Under EB-5, a foreign investor may obtain a conditional green card in exchange
for a $500,000 investment in a Targeted Employment Area (TEA) (generally a
rural area or area of high unemployment). The investment must create 10
full-time job for U.S. workers within a two year period. If proven to have done
so, the investor may obtain a green card of him or herself and his or her
family members (including spouse and children under the age of 21). To learn
more about the EB-5 Program, visit EB5Investors.com.

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