ST. THOMAS, US Virgin Islands—North Texas EB-5 Regional Center and Omega Puerto Rico Regional Center have reached an agreement to raise EB-5 funds for the development of the Port of Mandahl Caribbean Conference Resort in St. Thomas, US Virgin Islands.

This strategic alliance will bring these two successful regional centers to join forces with the developer, Mandahl Bay Holdings, and together introduce the EB-5 marketplace to this $500 million project. When completed, the development will include two full-service hotels, a golf course, a state of the art conference center, retail and commercial space, and high-end residential units. Both regional centers are represented by Greenberg Traurig's Business and Immigration team.

"This project, with a budget in excess of $500 million, will bring much-needed jobs to the US Virgin Islands,” said Abteen Vaziri, managing director of North Texas EB-5 Regional Center. “More resorts of this size are needed in the Caribbean and with the latest passport requirements in places like the Bahamas, US territories like Puerto Rico and USVI will be much more attractive for American travelers. With the three islands in the USVI experiencing north of 13% unemployment, this project will contribute to the local and regional economy and bring an enormous number of jobs, both during construction and permanently after construction. "