MIAMI—How vital is EB-5 funding to development in Miami? China City Construction Holding Group and American Da Tang Group are leveraging the strategy to help fund construction of a $1 billion mixed-use project in the Brickell area.

The companies are turning to the financial model to back the construction of CCCC Miami Towers. A Miami-based regional center, called American Life Investments, will promote the project among EB-5 investors in China and Latin America.

"When you have a highly-regarded Chinese company investing close to $1 billion in Miami and creating nearly 9,000 jobs that is significant," attorney Roger Bernstein, who co-owns American Life Investments, the South Florida-based EB-5 regional center sponsoring the development, tells GlobeSt.com. "This EB-5 project will serve as a catalyst to attract wealthy Chinese investors to Miami for many years to come. It's a win-win for Chinese investors and the South Florida economy."

Construction of CCCC Miami Towers would cost $875 million. Up to $350 million would come from EB-5 investors. The mixed-use project will include residential condominium, hotel, office, and retail space.

Under the EB-5 investor visa program, foreigners invest $500,000 in qualifying EB-5 projects in order to obtain the US residency. The development must create at least 10 direct and indirect jobs per investor in order to qualify.

The federal program grants 10,000 EB-5 visas every year. Close to 85% of EB-5 investors in the US come from China so this strategy would help attract high-net worth Chinese investors to Miami. CCCC Miami Towers would create close to 10,000 direct and indirect jobs, inject close to $1 billion into our local economy and help create a substantial stream of commerce between South Florida and China, Bernstein said.

CCCC appeal for international investors is a coup for Miami, given that the city that is increasingly trying to attract Chinese investors, tourists, students and developers to the region. Unlike in past real estate cycles, South Florida luxury condo developers are visiting China's largest cities to promote their projects among wealthy Chinese.

At the same time, Miami real estate brokers are rushing to hire Mandarin Chinese-speaking sales agents. Miami International Airport is in high-level talks with two Taiwan-based airlines interested in developing a nonstop flight, according to resent reports. And local universities, including University of Miami and Florida International Universities, are seeing their Chinese student population balloon. The Greater Miami Chamber of Commerce recently created the Miami-China ad hoc committee to find ways to attract Chinese investors and entrepreneurs to Miami.