The Refinery

The Domino Campus offers substantial benefits to the Refinery Project through its successful phased developments. The fully occupied 325 Kent Avenue, opened in 2017, includes ground-floor retail. The 5-acre Domino Park attracts nearly one million visitors annually and features Domino Square — a 1-acre plaza hosting various community events, located immediately south of The Refinery. The third phase at 260 Kent Avenue, completed in 2020, now hosts rental apartments, office space, and retail units. This thriving development environment enhances The Refinery's appeal, drawing visitors and fostering community engagement.

The Refinery project is ideally located in Williamsburg, Brooklyn, a vibrant mixed-use community. Situated on the Williamsburg waterfront, known as the Waterfront District, this neighborhood blends trendy dining, shopping, and cultural amenities with residential charm. The district, quieter than central Williamsburg yet rich in transportation options—including a subway stop from Manhattan, proximity to the East River Ferry, and extensive bike lanes—offers excellent connectivity, making it a prime spot to live and do business.

The superstructure, floor plates, and major construction phases of the building are complete, with a Temporary Certificate of Occupancy issued in September 2023. The building’s glass façade and rooftop bar, the Skylight at the Refinery, are finished, with the bar already hosting events. All leases executed thus far meet or exceed projected rental rates. Current efforts are focused on customizing tenant spaces, aiming for completion by late 2024. Floors 3 and 4 feature pre-built office spaces to attract local businesses seeking premium, small-footprint offices. The premium-priced higher floors will be custom-finished to meet the needs of future tenants.

The Project's economist confirms that as of September 2023, over 2,100 jobs have already been created, 43 jobs per investor, over four times the necessary job creation quota. Job allocations will correspond with investors' conditional residency status. The Reform and Integrity Act of 2022 requires that for projects lasting more than two years, 10% of the jobs must be direct; the Project expects to create 1,198 direct jobs, far exceeding the required 43 jobs. 

The owner equity invested reached $178.8 million as of September 30, 2023, surpassing the initial $137.2 million commitment outlined in the 2022 business plan. This increase signifies the developer's exceptional financial dedication to the project's success. Additionally, $39.9 million in EB-5 capital is invested as preferred equity, positioned above the substantial Owner Equity and below the $80 million Senior Construction Loan from M&T Bank in the repayment hierarchy. The capital stack can help ensure EB-5 repayment before the repayment of owner equity.

The project demonstrates a strong potential for rental income, with a projected annual base rental income of $28,322,256  from office and retail spaces via its projected stabilization in 2028.** Office spaces are estimated to rent for an average of $66 per square foot, and retail spaces will rent at $75 per square foot, based on conservative estimates from previous nearby leasing experiences and including a 10% vacancy rate as per the commercial market standard.

Both the regional center and developer enjoyed recent success with two other Domino Sugar redevelopment projects in the Brooklyn waterfront: 325 Kent Avenue and 1 South First/10 Grand Street, Brooklyn, NY (Formerly known as 260 KENT). 325 Kent, the first structure in the master plan, raised $27 million from 54 investors, creating 50 jobs per investor and achieving a 100% approval rate for both I-526 and I-829 petitions. 1 South First/10 Grand Street raised $28 million from 56 EB-5 investors, creating 65 jobs per investor, and to date has a 100% I-526 approval rate (I-829 petitions pending). The regional center also sponsored the 300 Ashland Place project in Brooklyn, NY, and raised $20 million from 40 EB-5 investors with a 100% I-526 and I-829 approval rate.

On May 27, 2022, the Regional Center submitted Form I-956F, Application for Approval of an Investment in a Commercial Enterprise (the Project application). USCIS approved this application on February 23, 2024. The approval confirms that USCIS has reviewed the proposed investment and the Project's business plan meets the required program requirements.

In the event of an I-526E denial due to project deficiencies, the General Partner must attempt to make commercially reasonable efforts to return the EB-5 investor's capital as per the Limited Partnership Agreement. If the necessary funds are not available at the time of the request, the EB-5 Investor may need to wait until a liquidation event of the Project occurs.