The sold out VooDoo BBQ & Grill Phase 1 included the construction of the first four VooDoo BBQ locations in South Florida. VooDoo BBQ is a successful New Orleans-based barbecue chain.
According to Joe Sloboda, Vice President of Exclusive Visas and FRFG’s EB-5 consultant, the flurry of approvals seems to indicate that FRFG’s model is proven and accepted by USCIS. “We have worked closely for years with FRFG tweaking its EB-5 offering so that it is both realistic and its goals are achievable. These approvals are real validation from USCIS that we are managing a credible enterprise,” said Mr. Sloboda.
The Voodoo BBQ & Grill EB-5 offerings are presented under the Palm Beach Regional Center. The Palm Beach Regional Center has an outstanding reputation for presenting quality EB-5 projects. It is one of the few Regional Centers in the United States that boasts a 100% success rate on all previous I-526 petitions. The Palm Beach Regional Center operates in nine Florida Counties including Miami-Dade, Broward and Palm Beach.
Phase I offered 10 EB-5 investor positions at $500,000 each, totaling 5 million dollars (for the first four units). Investors for Phase I committed quickly to the project which is expected to create 175 permanent full-time jobs — 75% more jobs than required for green card approval at 17.5 jobs per investor.
The Phase II offering is identical to Phase 1: 10 positions at $500,000 each. And just like Phase I, due to high interest and excitement another quick sellout is expected.
In addition to their popularity among investors VooDoo’s investment offerings have been very appealing to EB-5 agents, consultants, and immigration attorneys because they are a relatively small in volume ($500,000 per investor – $5 million per phase), a good mix of developer cash and EB-5 funds, and because there is a history of approvals with the Regional Center on restaurant projects.