OAKLAND, CA-US Immigration Investment Center plans to begin a $5 million renovation of the dilapidated 5-story Merritt Hotel in the city's historic Uptown district.
With 156 rooms to work with, US Immigration Investment (USIIC) will convert the historic hotel, built in 1926, into modern housing for international students. In recent years, the vacant building has been targeted by vandals creating a nuisance and posing a danger to surrounding neighborhoods. City approval has been received.
“We're very excited to turn what has been a real problem for the city into a valuable asset for the entire community,” said Mahnaz Khazen, USIIC president and CEO. “When this project is completed next year, it will be a gleaming example of how the federal EB-5 program can create partnerships among local and international investors to help revitalize neighborhoods.”
The EB-5 program, created by the Immigration Act of 1990, was designed to enable successful, and thus highly desirable, foreign nationals to obtain their green card by investing in the United States.
The renovation of the Merritt Hotel is scheduled for completion in August 2014. USIIC purchased the property at 2332 Harrison Street in May.
Based in San Jose, U.S. Immigration Investment Center is a full service business, private lending, commercial real estate brokerage, and investment, design, development company.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
