Completion of a new condo office complex, Riviera Point Business Center Doral, has opened doors for small businesses to own Class A office space – and for foreign investors and their families to become U.S. residents.
Already 92 percent pre-sold, the $9.5 million, 41,000-square-foot office center at 1500 NW 89 Court in Doral is financed through the job-creating federal EB-5 Immigrant Investor program. Delivered on schedule and on budget, it’s the second of Riviera Point Development Group’s three EB-5 office projects in the region, which total $45 million in investment and are projected to create 1,368 jobs.
“Doral’s phenomenal growth, thriving corporate environment and cosmopolitan scene make it a strong draw, but the market has lacked new space for small companies who want to own their offices and control future costs,” said Rodrigo Azpúrua, CEO of Riviera Point Development Group. “With Riviera Point Business Center Doral, we’re pleased to have successfully targeted that need, while enabling 19 foreign investors and their families to achieve their dream of living in the U.S.,” he added.
By any measure, Doral’s business climate is impressive. As one of Florida’s – and the nation’s — fastest growing cities, Doral has attracted major corporations such as Carnival Cruise Lines, Univision and Perry Ellis International, plus diverse professionals and entrepreneurs. In the last three years alone, 4,200 new businesses have opened in Doral, bringing more than 21,000 new jobs in a city with an estimated population of 54,000.
“With creativity and determination, Rodrigo Azpúrua’s team has created a much-needed opportunity for growing companies to own their space and establish roots in our community,” said Doral Mayor Luigi Boria. “Riviera Point Business Center adds jobs and synergies with the Fortune 500 companies and other leading employers here.”
Designed by Corrales Group Architects of Boca Raton, Riviera Point Business Center was built by contractor Design Management & Builders Corp. of Miami to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council.
Professional and entrepreneurial firms have purchased space at the center. Located five minutes from Miami International Airport and the Miami Free Zone, the complex provides easy access to the Palmetto Expressway/Dolphin Expressway (SR 826/SR 836) Interchange and Florida’s Turnpike.
Azpúrua is one of South Florida’s first developers to successfully bring qualified EB-5 funded, multi-tenant office buildings to market. He recently won the 2016 Creative Dealmaker of the Year award from the 350-member NAIOP’s South Florida Chapter, in recognition of his achievements. His first EB-5 office complex, the two-building, 70,000-square-foot Professional Center at Riviera Point in Miramar was completed in 2015 and is 90 percent leased. His company’s latest project, the 72,000-square-foot Riviera Point Corporate Center in Miramar, broke ground last summer and is on track for completion in early 2017.
In 2015 Azpúrua created a new EB-5 Regional Center, designated by USCIS, that sponsors capital investment projects for EB-5 investors. Most recently, he has acquired land in Miami which he is working to develop Florida’s first Radisson RED hotel on, to be funded by EB-5, equity and crowdsourcing, as the first step in growing Riviera Point Development Group’s hospitality portfolio.
Under the U.S. Citizenship and Immigration Services (USCIS), the federal EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The EB-5 Visa then becomes permanent. The qualifying investment for a project such as Riviera Point’s Doral and Miramar office centers, each located within a Targeted Employment Area (TEA), is $500,000.
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