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PhoenixMart Going Private

Credit: Kevin Reagan/Casa Grande Dispatch

By Phil Riske for Rose Law Group Reporter

Two years behind its original 2014 completion date, the parent company of the PhoenixMart says it has decided to “bypass” a federal funding program and seek other sources of investment.

The project in Casa Grande has been lagging because of delays in the federal EB-5 immigrant Visa program, which permits foreign citizens to obtain green cards by investing at least $500,000 in American projects. AZ Sourcing, LLC, the parent company of PhoenixMart, has said in the past the project attracted 300 investors from five continents.

Now, Pinal County Supervisor Cheryl Chase tells Rose Law Group Reporter the company has decided to “bypass” the EB-5 program to pursue conventional lending.

“This move will bypass the federal government and be a private endeavor,” Chase said.

She said the timeline for completion of the initial construction was given for the fall of 2017.

Read more at Rose Law Group Reporter

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