A battle has emerged between state officials and Dallas-based developer Todd Interests over the future of the former Fairfield Lake State Park. The state aims to preserve the 5,000-acre property. The developer continues construction while the state pursues eminent domain to acquire the land. The developer bought the property for $103 million, using a $92 million loan from EB-5 regional center CMB. This development could eliminate the job creation opportunities for EB-5 investors. In order to seize the property, the state must determine fair market value, and it is clashing with the developer over that number.
The Dallas Morning News story (subscription required)