Riviera Point Holdings LLC will break ground March 29 on a $17 million business complex in Miramar that brings international investment and a location for hundreds of new jobs to the area.
The first new office construction in that market since 2009, The Professional Center at Riviera Point, located on a four-acre site at University Drive and the Florida Turnpike, will have 70,000 square feet of office space in two four-story buildings. The initial building is projected for completion in February 2013.
“By attracting job-creating international investment, we expect our Miramar center will help stimulate the regional economy,” said Riviera Point CEO Rodrigo Azpurua, CCIM. “The first building is funded by $7.5 million from investors from Venezuela, Argentina and Spain who recognize the advantages of owning assets in the United States and qualifying for permanent U.S. residency through the EB-5 program.”
According to an economic impact study by Wright Johnson LLC of Palm Beach, The Riviera Point development will result in the creation of 441 jobs from the construction and operation of the center once fully tenanted. Corrales Architectural Group of Boca Raton designed the professional center and Cushman Wakefield is the leasing agent. According to Jon Blunk of Cushman Wakefield, the complex offers easy access to area expressways and is flexible enough to accommodate multiple professional firms or a single corporate user in each building. He noted that the development is well-timed to meet the demand for new generation space in a market where vacancy rates have been steadily declining.
The Professional Center at Riviera Point qualified as an EB-5 investment opportunity under the U.S. Citizenship and Immigration Services (USCIS) program, and is part of the Florida Regional Center EB-5 Investment, LLC. EB-5 allows a foreign national interested in obtaining permanent U.S residency to qualify by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. At that point, the conditional EB-5 Visa becomes permanent. The qualifying investment for a project such as Riviera Point, which is located in a Targeted Employment Area, is $500,000.
Principals of the Riviera Point management team have managed development of nearly 1 million square feet in office properties in South Florida and the Americas. Florida projects include the Coral Springs Professional Campus, and the Lake Mary Professional Campus in Orlando. Azpurua emigrated from Venezuela, where he practiced law, in 2001. Partner Luis Pardo, who came in 2003, is a third-generation Venezuelan developer.
Azpurua said they’ve used their experience to plan a project that meets the stringent criteria fundamental to a successful real estate project and the legal framework of EB-5. “That approach smooths the way for investors to qualify. As a result, our project is underway while others remain on the drawing boards,” he said. “We know first-hand, having emigrated from Venezuela ourselves, what a life-changing and important step it is, and we are grateful for the opportunity. We are accountable now to see that our investors succeed, by keeping this project on track and meeting the job creation requirements.”
Riviera Point Holdings enters the Southwest Broward County market at an ideal time, according to Azpurua. “Miramar has set the stage for a thriving economic future,” he said. “We are excited to have a role in the vision that’s taking shape with projects such as Miramar Town Center and Rockefeller Group Corporate Center.”
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