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