70,000-Square-Foot Project Funded Chiefly By Foreign Investors Has Received Interest From Several Types of Tenants
Riviera Point Holdings, LLC has launched ground-up construction of a $17 million project to build a multi-tenant office building funded through the federal government's EB-5 immigrant visa program to lure foreign investment to the U.S.
The 70,000-square-foot Professional Center at Riviera Point on a four-acre site at University Drive and the Florida Turnpike in Miramar, FL, will be the market’s first new high-quality office development since 2009. It will also be Broward County’s first multi-tenant office development to be funded through the Immigrant Investor Program,
which allows foreign nationals to obtain a so-called EB-5 visa in exchange for investing in U.S. real estate development and other job-creating ventures.
General contractor Itasca Construction Associates is on track to complete the first of the center's two four-story buildings this fall. "It’s an ideal time in the market cycle for a complex geared to attract hundreds of new jobs, while creating real value for prospective tenants and our investors," said Riviera Point CEO Rodrigo Azpurua.
With construction starting when other local projects are still on the boards, Riviera Point has a crucial advantage, said Jon Blunk, senior director for Cushman & Wakefield.
"We’re seeing interest from regional sales offices, call centers and educational institutions looking to relocate or expand into fresh space before Broward’s rental rates strengthen," Blunk said.
Corrales Architectural Group of Boca Raton, FL, designed the office complex with flexibility to accommodate a single space user or multiple firms in each of the two buildings. The buildings are designed to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council.
Riviera Point Holdings is acquiring additional properties in Dania Beach and Doral, FL, for development as EB-5-funded projects, Azpurua said. The Professional Center is part of the Florida Regional Center EB-5 Investment, LLC.
The building is funded primarily by investors from Venezuela, Argentina, Spain, Russia and China. As his team assembles funding for the second building, Azpurua said interest is particularly high from Venezuelan and Argentinian investors concerned about their respective nation’s political uncertainties.
The 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.