Riviera Point Holdings LLC will broke ground March 29 on a $17 million business complex in Miramar, Fla. that brings international investment and a location for hundreds of new jobs to the area. The first new office construction in that market since 2009, The Professional Center at Riviera Point, located on a four-acre site at University Drive and the Florida Turnpike, will have 70,000 sf of office space in two four-story buildings. The initial building is projected for completion in February 2013.
According to an economic impact study by Wright Johnson LLC of Palm Beach, The Riviera Point development will result in the creation of 441 jobs from the construction and operation of the center once fully tenanted. Corrales Architectural Group of Boca Raton designed the professional center and Cushman Wakefield is the leasing agent. According to Jon Blunk of Cushman Wakefield, the complex offers easy access to area expressways and is flexible enough to accommodate multiple professional firms or a single corporate user in each building. He noted that the development is well-timed to meet the demand for new generation space in a market where vacancy rates have been steadily declining.
The Professional Center at Riviera Point qualified as an EB-5 investment opportunity under the U.S. Citizenship and Immigration Services program, and is part of the Florida Regional Center EB-5 Investment, LLC. EB-5 allows a foreign national interested in obtaining permanent U.S residency to qualify by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. At that point, the conditional EB-5 Visa becomes permanent. The qualifying investment for a project such as Riviera Point, which is located in a Targeted Employment Area, is $500,000. BD+C
Related Stories
Mixed-Use | May 19, 2022
Seattle-area project will turn mall into residential neighborhood
A recently unveiled plan will transform a 463,000 sf mall into a mixed-use destination site in the Seattle suburb of Bellevue, Wash.
Architects | May 19, 2022
The art and trade of architectural photography, with Brad Feinknopf
Longtime architectural photographer Brad Feinknopf discusses his craft and helping AEC firms realize their visions photographically. Feinknopf also touches on the evolution of photo shoots and the role of technology in architectural photography.
Codes and Standards | May 19, 2022
JLL launches non-profit aiming to mitigate climate change
Real estate and investment management firm JLL recently launched JLL Foundation, a non-profit dedicated to making a long-term impact on environmental sustainability.
Office Buildings | May 19, 2022
JLL releases its 2022 Office Fit Out Guide
JLL’s 2022 Office Fit Out Guide report provides benchmark costs to build out a range of office types across major markets in the United States and Canada.
Biophilic Design | May 18, 2022
Horticulturalists conduct research study to understand the value of biophilic design
Benholm Group, horticulturalists that have pioneered the use of plants for interiors over the past 27 years, are collaborating on a research study to understand the value of biophilic design, according to a news release.
Market Data | May 18, 2022
Architecture Billings Index moderates slightly, remains strong
For the fifteenth consecutive month architecture firms reported increasing demand for design services in April, according to a new report today from The American Institute of Architects (AIA).
Building Team | May 18, 2022
Bjarke Ingels-designed KING Toronto releases its final set of luxury penthouses
In April 2020, a penthouse at KING Toronto sold for $16 million, the highest condo sale in Toronto that year or the year after.
Building Team | May 17, 2022
MKA’s Embodied Carbon Action Plan will include reporting on carbon reductions for selected projects
Magnusson Klemencic Associates (MKA) recently released its SE 2050 Embodied Carbon Action Plan (ECAP) for 2022.
University Buildings | May 16, 2022
Yale’s newly renovated Schwarzman Center enriches student campus social life
Robert A.M. Stern Architects (RAMSA) recently unveiled the design of their restoration of the Schwarzman Center at Yale University, which includes dining spaces, a bar, and a food shop.
K-12 Schools | May 16, 2022
Private faculty offices are becoming a thing of the past at all levels of education
Perkins & Will’s recent design projects are using the area to encourage collaboration.