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
Market Data | Dec 20, 2017
Architecture billings upturn shows broad strength
The American Institute of Architects (AIA) reported the November ABI score was 55.0, up from a score of 51.7 in the previous month.
Public Health Labs | Dec 19, 2017
10 takeaways from SmithGroup’s ‘lab of the future’ initiative
The LAB2050 initiative digs into the scientific trends, technologies, and economics that will shape tomorrow’s research laboratory environments.
Office Buildings | Dec 19, 2017
How do we measure human performance, and what does it mean for the workplace?
There are many new tools and methods that are beginning to look more comprehensively to evaluate organizational well-being.
Sports and Recreational Facilities | Dec 18, 2017
Canada’s newest funicular makes Edmonton’s largest green space more accessible
The incline elevator is located in downtown Edmonton and was publicly funded.
Sponsored | Building Team | Dec 12, 2017
3 tips to address the top causes of budget overruns
The most cited issues are communication breakdowns, inadequate fees for the work provided, and unrealistic deadlines or schedules.
Multifamily Housing | Dec 12, 2017
Call for technical experts: Dog wash station design
The editors of Multifamily Design + Construction magazine need your expertise.
Government Buildings | Dec 11, 2017
Is this the world’s most humane prison?
The C.F. Møller-designed prison’s architecture supports the inmates’ and staff’s mental and physical well-being.
Architects | Dec 7, 2017
Snow Kreilich Architects receives the 2018 AIA Architecture Firm Award
Julie Snow, FAIA, founded the firm in Minneapolis in 1995, and later was joined by partner Matt Kreilich, AIA.
Architects | Dec 7, 2017
2018 AIA Gold Medal awarded to James Stewart Polshek
In 1963 Polshek started his first architecture firm, James Stewart Polshek Architect.
Architects | Dec 4, 2017
Architects to Congress: ‘You're making a terrible mistake’
House and Senate gut historic building credits and penalize architecture firms.