PROJECT FRESH DIRECT (PHASE II) – APPROVED PROJECT

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PROJECT OVERVIEW

Overview of the project: Fresh Direct is the largest, independent, full-service online food grocer in the United States and the premier internet food grocer in New York City. The project is the second phase of construction of Fresh Direct’s new headquarters. The additional construction of manufacturing, operations, and corporate space in the new headquarters will allow Fresh Direct to manage up to $1.4 billion of annual sales revenue.

Project Details

1.Approval of USCIS about the project

The I-924 application of the project was approved, which means USCIS examined and confirmed that the project followed and met all of the requirements of EB-5 program. There were customers in the project whose I-526 applications were approved

2.Project location

The project is located in the area belonged to The Government of the State of New York and The government of New York City chose this area  “Industrial Business Zone” . The government of New York City created 16 Industrial Business Zones across the City to encourage industrial growth. Companies in these areas can approach all kinds of financial advantages from the government as reduction on immovable property tax and sales tax

 

3. Overview of cost and job creation

Total cost of the project: $131.45 million

EB-5: $55 million

Total number of EB-5 investors:110

Number of required jobs: 1317

Total number of job creation: 1317

Number of unnecessary jobs: 217 – 20% surplus

 

WHY SHOULD YOU CHOOSE FRESH DIRECT PROJECT (PHASE II)?

1. NYCRC is one of the best regional center in the United States with acknowledged successes:

21 proposals of NYCRC were approved by USCIS

Over 4600 permanent green cards and 5480 conditional green cards were issued

More than 160 I-829 forms and 2450 I-526 forms were approved

20 previous proposals of NYCRC were 100%  sold out

A total of $125 million from 2 EB-5 loans was  repaid to 250 investors in NYCRC’s initial two projects

EB-5  fund is kept in a deposit account on security until there is an approval of USCIS

More than 2900  individuals invested in EB-5 projects of NYCRC

2. Fresh Direct is a famous food company in The United States with more than 16.000 online orders every day, expecting revenue in 2017 is $640 million

3. USCIS issued an I-924 application and I-526 application approval for  Fresh Direct Project (Phase II).

4. Project Fresh Direct (II stage) was welcomed in many places in New York but Fresh Direct picked Bronx its location.

5. The project’s location is right in the transporting and distributing center in New York City. Good transportation network in this area will help Fresh Direct approach all places in the area, especially the biggest market, Manhattan

6. This is the 2nd EB-5 project related to Fresh Direct. The first phase completed with $208 million of capital.  165 I-526 applications were approved for the investors of phase I

7. The project is located in the Targeted Employment Area (TEA), census tract in Bronx

8. The project is located in the area belonged to New York’s government and received a lot of supports about tax advantages from the government and the utility is also lower than other projects

9. The project will bring new job opportunities and economy development to the South Bronx, which is an important priority of New York City.

10. It is expected to create 1317 jobs, 20% surplus (217 unnecessary jobs) for the investor of EB-5 

Overview of the investor

Founded in 1999, Fresh Direct’s business grew popular for its convenience, fresh food and comparatively lower prices than many Manhattan supermarket. Fresh Direct processes 16.000 online orders every day and the transportation group with more than 350 trucks delivering goods to 80.000  family every week in New York City and Philadelphia metropolitan areas.  Up to now, more than 1 million families used Fresh Direct and it is wildly known as the best online food shop in New York City. Fresh Direct is recruiting more than 3000 people and revenue in 2016 is $575.8 million. Revenue in 2017 is expected to be $640 million. The last capital mobilization finished in May 2017, and value the company for more than $750 million.

Fresh Direct chose Schimenti construction company to be the general contractor of the project. Schimenti construction company was the general contractor for some famous brands in retail system in the United States such as: Nike, Gap, Zara, Starbucks...

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