Developers of Cambria Suites, Fulcrum Management Corp. an Orlando Florida based company submitted a proposal for a new 121-room hotel on the McAllen Convention Center grounds in 2013 that requested about $430,000 worth of economic incentives, but there are no tax abatements in the final deal according to the city.
“The project is moving full speed ahead, with or without the EB-5 involvement,” said Christopher Haridopolos, owner of Fulcrum Management Corp.
The EB-5 investor visa program allows a path to citizenship for investors that contribute at least $500,000 in economically disadvantaged regions like the Rio Grande Valley.
Plans for at least three hotels within steps of the city’s new civic center have been in the works since the building opened in 2007 but deals never solidified after debates about incentives stalled agreements.
There are already 43 hotels in McAllen and gross hotel receipts for the first quarter of 2015 topped $19 million, up from nearly $18 million last year during the same period. But there are three more hotels operating in 2015 — up from…
Read more at The McAllen Monitor.