MIRAMAR, FL-Vertical construction has commenced on the $17-million Professional Center at Riviera Point, Broward County’s first EB-5 financed office project.
The green 70,000-sf office project is the first new Class A office development in the Miramar region since 2009, says developer Rodrigo Azpurua, CEO of Riviera Point Holdings LLC. General contractor Itasca Construction Associates is on track to complete the first of the Professional Center’s two four-story buildings this fall, company officials say,
“We’re focused on being first to market with a new generation of environmentally friendly, corporate-quality space in Miramar,” says Azpurua. “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.”
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. There has been significant interest from international sources for investing in the second building as well. Azpurua said interest is particularly high from investors based in Venezuela and Argentina who are concerned about their political uncertainties in their respective countries.