Riviera Point Business Center Doral, a new office condo complex in Doral just opened its doors.
The project targets small businesses that want to buy rather than lease their office space, as well as foreign investors and their families who want to become US residents.
The $9.5 million, 41,000-square-foot Riviera Point is already 92% sold. Financed through the job-creating federal EB-5 Immigrant Investor program, the office condos are located at 1500 Northwest 89 Court. Riviera Point marks the second of the developer’s three EB-5 office projects in the region, which total $45 million in investment and are projected to create 1,368 jobs.
Under the US Citizenship and Immigration Services, the federal EB-5 program allows a foreign national interested in obtaining permanent US residency to do so by investing in a commercial enterprise that generates at least 10 jobs for US workers for two years. The EB-5 Visa then becomes permanent. The qualifying investment for a project such as Riviera Point’s Doral and Miramar office centers, each located within a Targeted Employment Area, is $500,000.
“Doral’s phenomenal growth, thriving corporate environment and cosmopolitan scene make it a strong draw, but the market has lacked new space for small companies who want to own their offices and control future costs,” says Rodrigo Azpúrua, CEO of Riviera Point. Corrales Group Architects designed Riviera Point Business Center.
Design Management & Builders constructed the office condos to achieve Leadership in Energy and Environmental Design (LEED) certification from the US Green Building Council.
Doral’s business climate is impressive. One of the nation’s fastest growing cities, it has attracted major corporations such as Carnival Cruise Lines, Univision, and Perry Ellis International, along with diverse professionals and entrepreneurs. Over 4,200 new businesses have opened in Doral in the past three years, bringing more than 21,000 new jobs in a city with an estimated population of 54,000.
Professional and entrepreneurial firms have purchased space at the center. Located five minutes from Miami International Airport and the Miami Free Zone, the complex offers access to the Palmetto Expressway/Dolphin Expressway (SR 826/SR 836) Interchange and Florida’s Turnpike.
“Many foreign investors feel their money is more secure in US real estate, and these investors are very comfortable with Miami’s international market,” Ana Codina-Barlick CEO of the new Downtown Doral development, tells GlobeSt.com. “Doral has become a key submarket for those who are interested in keeping a Miami residence, but are not looking to relocate full-time.”