An ambassador for foreign investors is visiting Clarksville, Indiana to consider supporting development in the former Colgate factory.
Dr. Sudhir Shah is a Mumbai attorney who specializes in U.S. immigration issues. Shah met with developer Jay Sheth to determine how Indian immigrants can benefit from investing in the Clark’s Landing Project through the Midwest Center for Foreign Investment’s EB-5 program.
The program asks immigrants to investment at least $500,000 and to create 10 jobs for U.S. residents in exchange for expedited green card, a process that could take four to six months.
Sheth is manager of the Boston Development Group, which bought the former Colgate factory earlier this year. Before the first tenant was announced earlier this month the building had remained vacant since 2007.
Now, the Clark’s Landing Fund has a commitment from six foreign investors for around $3 million, said Sheth. Foreign investments can add almost 1,000 jobs and $50 million dollars to the project, which includes plans for a hotel, restaurants and a healthcare technology park, he said.
Shah is touring the Louisville region on behalf of several investors from India.
“He is evaluating the project. He is evaluating the investment itself, its feasibility, what are the demands and the likelihood of investors to get their money back with a good return,” said Sheth.
Next week Shah will host a conference in India for investors that are interested in joining one of several American projects.
“These investors have options around the county. So they will decide then. Our hopes are that they will invest in the Clark’s Landing project,” Sheth said.