What are my options if my Eb-5 project fails and my I-829 is denied?

You can file a motion to reopen (also known as MTR) and/or reconsider the I-829 denial if there is a sufficient basis for the request. A MTR asks the USCIS to review its own decision and come to a different conclusion. An immigration judge can also review the decision in removal proceedings, which will be many years down the road. You would remain a CPR until conclusion of the removal proceedings. You cannot presently file an AOS application on the basis of the EB-1 since your priority date is not current.

Since you already have a green card, even if the I-829 is denied, you continue to be a permanent resident until a judge orders you removed. But, the easiest way to switch is to process the EB-1 abroad, and even then you have to surrender your old green card before your final interview. It is not clear that you can adjust status in the U.S. because adjustment is from a non-immigrant to immigrant. Therefore, all such cases we handled it like this: we processed it through the U.S. consulate in Guangzhou. Hopefully, GZ will resume processing again soon.

A denial of an I-829 does not have immediate consequences. In order for your residence to be terminated, a judge must order so. If you get a Notice to Appear, following the I-829 denial, contact an attorney immediately and make sure you appear in court as scheduled. Given your EB-1, I would say, you should plan to file an I-485 when your PD is current.

If you are concerned that your I-829 will be denied while you are abroad, you need to make sure you have a valid extension receipt or passport stamp to reenter the United States. Even though an I-829 denial results in an automatic termination of your conditional lawful permanent resident status, you remain a lawful permanent resident (work and travel authorized) until an immigration judge makes a final determination on your case in removal proceedings. In such proceedings, you have the right to renew your I-829 before the immigration judge, who will rule on your eligibility for condition removal and on any other available relief from removal you seek. Also, if you file an I-485 based upon an approved I-140 (EB-1) with a current priority date (final action date or date for filing date according to the latest Visa Bulletin), you should not depart the United States unless you have a valid advance parole travel document. If you depart the United States without such a document, you likely would be abandoning your I-485 application. Also, keep in mind that while you remain a conditional resident (under EB-5), you are not eligible for adjustment of status and you likely would have to either (1) terminate your conditional status in the United States or (2) seek immigrant visa processing of your application based upon your approved I-140 at the U.S. embassy or consular office in your home country.

If you file the EB-1 I-485, you will need to wait for your travel permit. You cannot have two green cards so you will need to abandon the 2-year one you have overseas, perhaps when you get the advance parole for the EB-1 I-485. Other options are to redeploy EB-5 funds.

You can travel before the 485 is submitted so long as you have a travel document that allows you to return to the U.S. You may have other options too. Ask your lawyer.