Turkish developer Okan Group has received approval to raise EB-5 funds for its Okan Tower project in downtown Miami. The EB-5 program allows foreign investors to obtain green cards if their investment leads to the creation of at least 10 full-time jobs for U.S. workers, with a minimum investment threshold of $1.05 million.
Okan Tower, when finished, will feature a 316-key Hilton hotel, 236 condo-hotel units managed by Hilton, 163 condos, over 80,000 square feet of amenities, and 60,000 square feet of office space. The building was designed by Behar Font & Partners and is Okan’s first development in the United States.
Construction on the planned 70-story high-rise at 555 North Miami Avenue has reached the 31st floor and is expected to be completed by the end of 2027, according to Michael Sadov, who became sales director in June. Edgardo Defortuna’s Fortune Development Sales is leading sales efforts for the project.
Sadov said that Okan Group will release EB-5 investor slots in batches of 30 but did not disclose how much money they plan to raise through this method. “The investor visa program has a minimum threshold of $1.05 million. It provides green cards to investors and their immediate families whose funds lead to the creation of 10 full-time jobs for U.S. workers,” he said.
So far, construction has been self-funded by Okan Group. The project was paused in 2020 due to the pandemic but resumed sales activity in the following year. In 2017, an affiliate of Okan paid $18.1 million for the nearly one-acre site surrounded by other new developments such as Crosby at Miami Worldcenter and Melo Group’s Downtown 6th.
According to Sadov, about sixty percent of units have been presold since he took over sales operations in June. Prices start at $750,000 for a condo-hotel studio and go up to $3.6 million for condos not including penthouses.
Although preconstruction condo sales have slowed across South Florida recently, Sadov noted an increase in buyer interest: “Okan has seen an uptick in traffic in recent weeks.” He also stated that his team is focusing marketing efforts on countries like Colombia, Mexico and Brazil—where most foreign buyers are located—as well as Turkey.
Sadov clarified that not all EB-5 investors purchase residential units within the tower.
A growing number of developers are using EB-5 funding for projects with hospitality components because these typically generate more jobs than standard condominium buildings. For example, Fortune International Group recently sought EB-5 designation for its Ora by Casa Tua condo-hotel tower planned for Brickell and previously raised EB-5 funds for Nexo Residences—a short-term rental-friendly condo developed with Blue Road’s Jorge Savloff—in North Miami Beach.
The federal EB-5 program began in 1990; meanwhile another visa option under consideration is a proposed $5 million “gold card” program from the Trump administration aimed at wealthy foreigners seeking U.S. citizenship.
