Rubiano provides update on Open EB5’s Midtown Pharr housing project

MCALLEN, Texas – Ricardo Rubiano is a Rio Grande Valley-based real estate developer and co-founder of Open EB5. 

During an in-depth interview with the Rio Grande Guardian International News Service editor Steve Taylor, Rubiano spoke about Open EB5’s current affordable housing project in Pharr and a similar project planned for Brownsville. 

The project in Pharr, consisting of 168 multi-family units, is being developed on the corner of Flag Street and Polk Avenue close to TopGolf and I-2. It is titled Midtown Pharr.

The project in Brownsville will be bigger. It is slated to be built next to I-169 at the Brownsville Sports Park. It will be a hybrid of affordable housing with market rate housing.

Most of the funding for both projects will come from foreign nationals who, by making the investment, will qualify for permanent residency status. Open EB5’s new Immigrant Investor Program allows foreign investors and their immediate families to obtain U.S. permanent residency by investing in U.S. commercial enterprises. The investment must create or preserve at least 10 full-time jobs for U.S. workers within two years of the investor’s conditional residency.

The mission of Open EB5 is: “To develop transformative real estate projects that redefine communities, drive sustainable economic growth, and create lasting value.” The group said it can provide global investors with “a secure pathway to U.S. permanent residency, while fostering local job creation and cultivating vibrant, thriving neighborhoods in the Rio Grande Valley.”

In his interview with Guardian, Rubiano spoke not only about Open EB5 but also economic development generally in the Rio Grande Valley. He said he believes a new triangle of economic activity is emerging in Texas. The three corners of the triangle being San Antonio, Houston and the Valley.

Here is the podcast:

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