DALLAS, TX--(Marketwired - November 16, 2016) - Civitas Capital Group is pleased to announce the grand opening of Simpson Place, located at the intersection of Simpson Street and North Hill Avenue in East Dallas. The $15 million, 150-unit affordable assisted living facility has more than 95,000 square feet of space. A ribbon cutting ceremony will be held later today.
"Simpson Place is a win-win-win. It provides low-income Dallas seniors with a chance to remain near family, friends and familiar support systems as they age. It creates new jobs in the community and it offers economic benefits to the businesses and municipal organizations that provided financing," said Karl Zavitkovsky, director of the Office of Economic Development for the City of Dallas.
"There is a significant need for these types of facilities," said John Paul Taylor, Chief Operations Officer for StoneGate Senior Living. "The Simpson Place team has worked diligently to bring awareness to the surrounding neighborhood and is ready to accept residents to this beautiful community."
Simpson Place was financed through a model public-private partnership that includes multiple municipal organizations and private businesses, including:
"Simpson Place will be a catalyst for economic development and exemplifies the collaborative spirit of the EB-5 program," said Civitas Capital Group CEO Daniel J. Healy. "EB-5 capital is intended to support projects that would not have been funded otherwise. Such projects align with economic and community development priorities, often as part of a larger economic development plan."
Since 2009, Civitas has managed the City of Dallas Regional Center (CDRC), a public-private partnership with the City of Dallas Office of Economic Development. The partnership attracts foreign direct investment to job-creating projects in underserved Dallas communities. Through the CDRC, Civitas has invested more than $320 million of EB-5 capital in 18 Dallas projects, creating thousands of direct and indirect jobs over time.
CDRC attracts capital through the federal EB-5 Immigrant Investor Program, which gives investors from other countries the opportunity to receive U.S. permanent residency, or a green card, if they invest $500,000 in a U.S. business or project. The investment must create at least 10 new jobs for American workers. EB-5 capital plays a critical role in facilitating economic development in historically underserved areas. The CDRC is considered a model among the nation's EB-5 regional centers.
About The Civitas Capital Group:
The Civitas Capital Group family of companies provides a range of products and services for institutional investors, family offices and qualified individuals. The firm offers compelling, niche investment strategies in U.S. lodging and real estate markets through its Alternative Investments and EB-5 Capital divisions.
Civitas EB-5 Capital is an exclusive manager of USCIS-designated Regional Centers. The firm helped multiple investors obtain unconditional permanent United States residency and repayment of their investments. With more than 1,000 investor families, we look forward to delivering similar successes in the future. For more information about Civitas, please visit www.civitascapital.com or follow us on Twitter at http://twitter.com/CivitasCG.