Riviera Point Development Group has completed construction of a 72,000-square-foot office building in Miramar.
The building, Riviera Point Corporate Center, is one of the few new suburban office buildings completed in this real estate cycle in South Florida. Riviera Point used foreign capital to finance construction of the project located in one of the nation’s most desirable suburban office markets, according to a study by Boyd Co.
The Riviera Point’s development underlines a growing demand for Class A office space in the suburbs and the influential role that foreign capital is playing in reshaping South Florida’s suburbs. In the past, Riviera Point raised foreign capital to build Riviera Point Business Center at Doral in 2016 and Professional Center at Riviera Point in Miramar in 2015.
Riviera Point partially funded construction of the new five-story office building, at 2750 SW 145th Avenue, through the EB-5 investor visa program. Under the federal program, foreign investors and their families can obtain a green card if they invest at least $500,000 in job-creating projects in the US. The firm, one of the region’s most prolific EB-5 developers, raised $15 million from 30 investors mainly from Latin America to build Riviera Point Corporate Center. Since 2012, Riviera Point has raised more than $53 million in EB-5 capital in South Florida, crated 1,120 jobs and enabled more than 170 foreign families to obtain the US residency.
“We build suburban office buildings to meet the needs of the bustling business communities expanding west of South Florida’s largest urban cores,” said Riviera Point CEO Rodrigo Azpúrua. “In the absence of a comprehensive mass transit system in our region, employers are responding to road congestion by moving their offices closer to their employees’ homes. Foreign investors see the upside of serving that sector of our community and are eager to provide capital for us to build Class A suburban office buildings.”
Blanca Commercial Real Estate is handling leasing for Riviera Point Corporate Center.
As construction of Riviera Point Corporate Center concludes, Mr. Azpúrua will focus on construction of the Radisson Red Miami Airport in suburban Miami. The 155-room hotel is partially funded with $11.5 million raised from EB-5 investors. The upscale select services hotel broke ground early this year and is scheduled for completion in early 2018.
