Broward’s First EB-5 Multi-Tenant Office Development Goes Vertical

Riviera Point Holdings, LLC has launched vertical construction of its $17 million The Professional Center at Riviera Point, Miramar’s first new Class A office development since 2009.
Located on a four-acre site at University Drive and the Florida Turnpike, the “green,” 70,000-square-foot business complex is Broward’s first multi-tenant office development being funded through job-creating international EB-5 investment, according to Riviera Point CEO Rodrigo Azpurua, CCIM.
General contractor Itasca Construction Associates is on track to complete the first of the Professional Center’s two four-story buildings this fall.
“We’re focused on being first to market with a new generation of environmentally friendly, corporate-quality space in Miramar,” said Azpurua. “Itasca’s track record constructing multiple office buildings in Miramar makes them a good fit for our project team.”  He added, “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.”
“Coming out of the ground when other local projects are still on the boards is a crucial advantage,” said Jon Blunk, Senior Director, for leasing agent Cushman &Wakefield. “As markets in Broward’s western suburbs improve, absorption and demand are steadily rising.”
“The Professional Center at Riviera Point’s easy access to area expressways, its ‘green’ features, height and visibility for signage along the Turnpike and University Drive are all significant draws,” Blunk added.  “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.”
Corrales Architectural Group of Boca Raton designed the office complex with flexibility to accommodate a single space user or various 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, with energy- and water-saving features including high efficiency electrical and HVAC systems, high-performing, low-emitting glass, and low-flow plumbing fixtures.
Strategically growing its portfolio of commercial real estate developments, Riviera Point Holdings is currently acquiring additional properties in Dania Beach and Doral for development as EB-5-funded projects, Azpurua said. 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.  The building is funded primarily by investors from Venezuela, Argentina, Spain, Russia and China, and 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. The EB-5 Visa then becomes permanent.  The qualifying investment for a project such as Riviera Point, which is located in a Targeted Employment Area (TEA), is $500,000.  In non-TEA locations, the qualifying investment is $1 million.  According to an economic impact study by Wright Johnson LLC of Palm Beach, The Riviera Point development will result in creation of 441 jobs from the construction and operation of the center once fully tenanted.