Centennial Plaza in Gulfport, Mississippi will be developed by GBR, LP, an EB-5 limited partnership comprised of 60 investors. This master-planned public space will have a Holiday Inn as its centerpiece. That total development cost is $151 million and involves a senior bank loan, historic tax credits, developer’s equity and of course the EB-5 funds.
The project is called “Centennial Plaza” and involves converting a former Veterans’ Affairs hospital and facility on the Gulf Coast. The planned developments includes two hotels, apartment space, a public plaza, and shopping and restaurant space. The job creation estimate is just under 700. The project is operated in affiliation with the Mississippi Development Regional Center, which Mr. Lubin founded in 2010. The Project secured Exemplar approval in late 2016.