DORAL, Fla.--(BUSINESS WIRE)--A new EB-5 financed office complex, Riviera Point Business Center Doral, has opened doors for small businesses to own upscale office space – and for foreign investors and their families to become U.S. residents.
Already 92 percent pre-sold, the $9.5 million condo office center at 1500 NW 89 Court in Doral, Florida is financed through the federal EB-5 Immigrant Investor program. (See photo) Delivered on schedule and on budget, it’s the second of Riviera Point Development Group’s three EB-5 office projects in South Florida, which total $45 million in investment and are projected to create 1,368 jobs.
“Doral’s phenomenal growth and cosmopolitan scene make it a strong draw,” said Rodrigo Azpúrua, CEO of Riviera Point Development Group. “We’re pleased to have met the needs of small businesses, while enabling 19 foreign investors to achieve dreams of living in the U.S.,” he added.
“With creativity and determination, Rodrigo Azpúrua’s team has created a much-needed opportunity for growing companies to establish roots in our community,” said Doral Mayor Luigi Boria. “Riviera Point Business Center adds jobs and synergies with the Fortune 500 companies and other leading employers here.”
Azpúrua is among South Florida’s first developers to bring qualified EB-5 funded, multi-tenant office buildings to market. He won the 2016 Creative Dealmaker of the Year award from the NAIOP Commercial Real Estate Development Association’s South Florida Chapter. His 70,000-square-foot, EB-5 funded Professional Center at Riviera Point in Miramar, completed in 2015, is 90 percent leased. His latest project, the 72,000-square-foot Riviera Point Corporate Center in Miramar, is under construction, scheduled for 2017 completion.
Azpúrua created a new USCIS-designated EB-5 Regional Center that sponsors capital investment projects for EB-5 investors. He has recently acquired land in Miami which he is working to develop Florida’s first Radisson RED hotel on, to be funded by EB-5, equity and crowdsourcing.
Under the EB-5 program, a foreign national seeking permanent U.S. residency can invest 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 located in a Targeted Employment Area (TEA) is $500,000.
For information visit www.rivierapmo.com.