Construction to start on Riviera Point Development’s EB-5 funded office space

Miami /
Dec.December 02, 2014 05:15 PM

Riviera Point Development is launching construction of a Doral office condo building targeting small-space users that is fully funded by EB-5 investments.

Construction on the developer’s $9.5 million, 41,000-square-foot Riviera Point Business Center will begin this month and is expected to be complete in 2016, CEO Rodrigo Azpurua announced.

More than half of the complex’s 825- to 1,520-square-foot offices have been sold. As Doral’s population and developments grow, the demand for small office space has also increased, according to a news release. Azpurua, who emigrated from Venezuela to the U.S. in 2001, said it’s normal for entrepreneurs and professionals in Latin America to own their small office space.

Through the EB-5 program, foreign investors can obtain permanent U.S. residency by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years, at which point the visa becomes permanent. For a project like the Riviera Point Business Center located within a targeted employment area, the minimum investment is $500,000.

The building is located at 9000 NW 89th Court and NW 15th Street in Doral.  Katherine Kallergis


Related Articles

arrow_forward_ios
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
Babak Ebrahimzadeh with The Contemporay
Babak Ebrahimzadeh proposes West Palm office project
Babak Ebrahimzadeh proposes West Palm office project
 Related Companies' Stephen Ross and a rendering of 515 Fern (Getty, Red Leaf NY)
Stephen Ross bets on West Palm office development — again
Stephen Ross bets on West Palm office development — again
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
A rendering of the proposed office building and Michael Shvo (Kobi Karp, Shvo)
Michael Shvo plans second Miami Beach office project
Michael Shvo plans second Miami Beach office project
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
A rendering of the 830 Brickell office tower in Brickell, Miami and Vlad Doronin of OKO Group and Jonathan Goldstein of Cain International (OKO Group, Cain International)
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...