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
| Sep 15, 2022
Monthly construction input prices dip in August
Construction input prices decreased 1.4% in August compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data released today.
| Sep 15, 2022
First LEED Platinum, net zero and net zero water synagogue opens
Kol Emeth Center, the world’s first LEED Platinum, net zero and net zero water synagogue, opened recently in Palo Alto, Calif.
| Sep 14, 2022
Fires on Amazon warehouse roofs seemingly caused by faulty PV installations
Amazon has made installing solar panels on rooftops a key part of its ESG strategy, but a series of events last year show how challenging greening up major facilities can be.
| Sep 14, 2022
Indian tribe’s new educational campus supports culturally appropriate education
The Kenaitze Indian Tribe recently opened the Kahtnuht’ana Duhdeldiht Campus (Kenai River People’s Learning Place), a new education center in Kenai, Alaska.
| Sep 13, 2022
California building codes now allow high-rise mass-timber buildings
California recently enacted new building codes that allow for high-rise mass-timber buildings to be constructed in the state.
| Sep 13, 2022
Orange County opens civic center complex—one of California’s largest P3 projects
Orange County’s recently opened County Administration North (CAN) building caps an urban center development that constitutes one of California’s largest ever P3 projects.
Laboratories | Sep 12, 2022
Lab space scarcity propels construction demand in life sciences sector
In its 2021 Life Sciences Real Estate Outlook, JLL predicted that access to talent would be a primary concern for an industry sector that had been growing by leaps and bounds. A year later, talent still guides real estate decisions. But market conditions of a different sort were cooling the biotech field: namely, investors that have soured on startups which underperformed after going public. What this means for new construction and renovation going forward is unpredictable, as the drivers behind life sciences’ surge are still palpable.
Architects | Sep 12, 2022
FWA Group joins national architecture, interior design, and planning firm Hord Coplan Macht
Hord Coplan Macht acquires FWA Group.
| Sep 12, 2022
Staff at New York City architecture firm is first in U.S. to unionize
Staff at New York City architecture firm is first in U.S. to unionize.
| Sep 12, 2022
San Antonio’s new courthouse aims to provide safety and security while also welcoming the public
The San Antonio Federal Courthouse, which opened earlier this year, replaces a courthouse that had been constructed as a pavilion for the 1968 World’s Fair.