Riviera Point to Develop Its Third Office Project Funded with EB-5 Foreign Investment

MIRAMAR, Fla. - Oct. 1, 2014 - PRLog -- With volatile international politics and markets driving growth of the job-creating U.S. Immigrant Investor (EB-5) program, Riviera Point Development Group today announced plans for its third EB-5-funded office project in South Florida.

Riviera Point Development Group closed on the prime, nearly four-acre site at Southwest 145^th Avenue and Southwest 27^th Street in Miramar this summer and expects to begin construction of the approximately 72,000-square-foot Riviera Point Corporate Center by fall 2015, according to company CEO Rodrigo Azpurua.  Announcement of plans for the $18 million development follows the company’s completion this summer of the first of two buildings at Riviera Point Professional Center, Broward County’s first EB-5 funded, multi-tenant office building, at University Drive and Florida’s Turnpike in Miramar.  That $17 million project drew 34 international investors.

“Our region’s economic upswing is fueling demand for new, corporate-caliber space in Miramar’s established I-75 / Miramar Parkway business district,” said Azpurua.  “We see that demand converging with a compelling need among foreign investors who seek safe haven in the U.S. for their families and funds through the EB-5 program.”

A recognized expert and frequent international speaker on foreign investment in U.S. real estate, Azpurua noted that an EB-5 investing seminar he hosted in Caracas, Venezuela this summer drew about 600 attendees – twice the typical number.

The developer has retained Stiles Realty to lease Riviera Point Corporate Center.  “We are very excited to market Riviera Point Corporate Center with its prime Southwest Broward location and proximity to the new FBI South Florida regional offices,” said Stiles Director of Real Estate Madelayne Garcia. “Southwest Broward is one of the strongest office markets in the county due to its accessibility to major transportation systems and proximity to Miami. Increasing demand and a consistent rise in tenant absorption have led to a current average vacancy rate that is one of the lowest in Broward County.”

Geared to companies seeking from 3,000 to 5,000 square feet of upscale office space, the five-story Riviera Point Corporate Center is being designed by Corrales Group Architects to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council.

Azpurua and his team are also developing a third EB-5-funded office complex -- the 41,000-square-foot Riviera Point Business Center at Doral near Miami’s Dolphin Expressway/Palmetto Expressway interchange.   All three of Riviera Point Development Group’s EB-5 office projects are located within government-designated Targeted Employment Areas where job creation is an identified priority.

Azpurua, COO Noel Epelboim and their veteran Riviera Point Development Group team are among South Florida’s first developers to successfully bring office projects to market as qualified EB-5 investments.

Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years.  The EB-5 Visa then becomes permanent.  The qualifying investment for a project such as Riviera Point’s Miramar and Doral office centers, each located within a Targeted Employment Area (TEA), is $500,000.

Azpurua, a prominent EB-5 expert, is a frequent presenter at EB-5 conferences in the U.S. and abroad.  His development background includes over 1 million square feet of office space in Florida projects, and he authored a book,  EB-5 Visas & Real Estate Development, to guide developers through the complex EB-5 process.  Epelboim also has a well established development track record.  He was a founding member of Constructora Arquinpro C.A. (Caracas-Venezuela) with 50 completed projects to his credit in Venezuela, including over 2 million square feet of high-end condominiums, plus commercial and office buildings.  His South Florida portfolio includes a 65,000-square-foot commercial center in Parkland, a 40-unit condominium in Hallandale and a 25-unit condominium in Bay Harbor Islands, among others.

For information visit www.rivierapmo.com and its blog at www.solideb5.com.