PGA RENOVATION OF PANAMA HATTIE’S TAKES SHAPE

It seems like Nick Mastroianni, the develeper of Harbourside in Jupiter, is at it again. Fresh off the EB – 5 Visa program success in getting the Jupiter project built, Mastroianni is using the same formula for this proposed project on PGA Blvd. in Palm Beach Gardens. IN fact, he planning almost the exact same thing. Both projects would feature hotel, office and retail space, marina slips and waterfront dining. The only difference is that the PGA plan would have residences (condos) while the Jupiter project does not. This type of huge mixed use project threatens the character and attitude of a city, and there are many people who do not want this to happen. If you have ever been to Panama Hattie’s it is a great mellow place that has fire pits, lounge chairs and great people watching. It is a very unique Florida place that has been there forever and to replace it with something like this would certainly be a stark change. Many people move to the PGA and Jupiter areas for the laid back lifestyle there. There had been little to draw tourists to places like this in the past, and that is what the residents enjoyed. These types of projects threaten that atmosphere and the real question is whether or not they are needed. That is where the EB 5 Visa plan comes in. This program was created in 1990 to facilitate foreign investment in the US. The program allows for foreign investors to invest $50,000 in US businesses and in exchange the investor and his family get visas, apply for green cards and become permanent US residents. Who exactly is investing in this and from where? They are from China, South Korea, Taiwan, Russia, Brazil, Sweden, among other countries. They raised $40,000,0000 for the Jupiter project this way. Groundbreaking for the PGA project, assuming it gets all the necessary approvals, would break ground in January 2015. Let’s see what happens but I would say that this is a done deal. So goodbye Panama Hattie’s and hello to another EB – 5 deal that is coming whether you want it to or not. As always, thanks for reading and have a great day.