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
Office Buildings | Mar 21, 2024
BOMA updates floor measurement standard for office buildings
The Building Owners and Managers Association (BOMA) International has released its latest floor measurement standard for office buildings, BOMA 2024 for Office Buildings – ANSI/BOMA Z65.1-2024.
Healthcare Facilities | Mar 18, 2024
A modular construction solution to the mental healthcare crisis
Maria Ionescu, Senior Medical Planner, Stantec, shares a tested solution for the overburdened emergency department: Modular hub-and-spoke design.
Codes and Standards | Mar 18, 2024
New urban stormwater policies treat rainwater as a resource
U.S. cities are revamping how they handle stormwater to reduce flooding and capture rainfall and recharge aquifers. New policies reflect a change in mindset from treating stormwater as a nuisance to be quickly diverted away to capturing it as a resource.
Plumbing | Mar 18, 2024
EPA to revise criteria for WaterSense faucets and faucet accessories
The U.S. Environmental Protection Agency (EPA) plans to revise its criteria for faucets and faucet accessories to earn the WaterSense label. The specification launched in 2007; since then, most faucets now sold in the U.S. meet or exceed the current WaterSense maximum flow rate of 1.5 gallons per minute (gpm).
MFPRO+ New Projects | Mar 18, 2024
Luxury apartments in New York restore and renovate a century-old residential building
COOKFOX Architects has completed a luxury apartment building at 378 West End Avenue in New York City. The project restored and renovated the original residence built in 1915, while extending a new structure east on West 78th Street.
Multifamily Housing | Mar 18, 2024
YWCA building in Boston’s Back Bay converted into 210 affordable rental apartments
Renovation of YWCA at 140 Clarendon Street will serve 111 previously unhoused families and individuals.
Healthcare Facilities | Mar 17, 2024
5 criteria to optimize medical office design
Healthcare designers need to consider privacy, separate areas for practitioners, natural light, outdoor spaces, and thoughtful selection of materials for medical office buildings.
Construction Costs | Mar 15, 2024
Retail center construction costs for 2024
Data from Gordian shows the most recent costs per square foot for restaurants, social clubs, one-story department stores, retail stores and movie theaters in select cities.
Architects | Mar 15, 2024
4 ways to streamline your architectural practice
Vessel Architecture's Lindsay Straatmann highlights four habits that have helped her discover the key to mastering efficiency as an architect.
Healthcare Facilities | Mar 15, 2024
First comprehensive cancer hospital in Dubai to host specialized multidisciplinary care
Stantec was selected to lead the design team for the Hamdan Bin Rashid Cancer Hospital, Dubai’s first integrated, comprehensive cancer hospital. Named in honor of the late Sheikh Hamdan Bin Rashid Al Maktoum, the hospital is scheduled to open to patients in 2026.
