Construction of the Hotel Indigo, a key component to the Northern Riverfront Hotel and Marina development in Wilmington, N.C., is being delayed pending additional financing, the Greater Wilmington Business Journal reports.
Larry Rizzo, a partner with Wilmington-based USA InvestCo, which is constructing the massive mixed-use development, said construction on the hotel is about six months away.
Much of the Northern Riverfront development is being financed through the federal EB5 program, where for a minimum of $500,000 invested individual investors are granted green cards to move their families to the country.
USA InvestCo has raised more than $25 million from the program.
“If the financing landed in our laps tomorrow we could start construction,” Rizzo said. “But so far that hasn’t happened so we are in a holding pattern.”
USA InvestCo was hoping to begin site work on the 125-room, nine-story Hotel Indigo by late 2013.