Construction of the Professional Center at Riviera Point in Miramar is complete, making it the first EB-5 funded office complex in Broward County. The first building of the development opened June 2014 and is currently 100% leased to various tenants including accounting, law, insurance, and marketing firms.
Riviera Point Development Group, backed by 34 South American investors, is investing $9.5 milllion in another EB-5 funded office complex in South Florida. The 41,000 square foot office complex, Riviera Point Business Center at Doral, is expected to wrap up construction by November. The CEO of Riviera Point, Rodrigo Azpurua, is additionally planning a 72,000 square foot development of Class A office space in Miramar. This project, called Riviera Point Corporate Center, will also be EB-5 funded.
Enacted by Congress in 1990, the EB-5 program provides permanent U.S residency for foreign nationals who create at least 10 permanent domestic jobs and invest at least $500,000 to $1 million in a U.S. business venture. Since its inception, Chinese nationals have been the largest recipient of these 10,000 investor visas the U.S. awards each year, accounting for 8,308 of the approved visas in 2014.