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
Adaptive Reuse | Jul 27, 2023
Number of U.S. adaptive reuse projects jumps to 122,000 from 77,000
The number of adaptive reuse projects in the pipeline grew to a record 122,000 in 2023 from 77,000 registered last year, according to RentCafe’s annual Adaptive Reuse Report. Of the 122,000 apartments currently undergoing conversion, 45,000 are the result of office repurposing, representing 37% of the total, followed by hotels (23% of future projects).
Hotel Facilities | Jul 26, 2023
Hospitality building construction costs for 2023
Data from Gordian breaks down the average cost per square foot for 15-story hotels, restaurants, fast food restaurants, and movie theaters across 10 U.S. cities: Boston, Chicago, Las Vegas, Los Angeles, Miami, New Orleans, New York, Phoenix, Seattle, and Washington, D.C.
Sustainability | Jul 26, 2023
Carbon Neutrality at HKS, with Rand Ekman, Chief Sustainability Officer
Rand Ekman, Chief Sustainability Officer at HKS Inc., discusses the firm's decarbonization strategy and carbon footprint assessment.
Sports and Recreational Facilities | Jul 26, 2023
10 ways public aquatic centers and recreation centers benefit community health
A new report from HMC Architects explores the critical role aquatic centers and recreation centers play in society and how they can make a lasting, positive impact on the people they serve.
Multifamily Housing | Jul 25, 2023
San Francisco seeks proposals for adaptive reuse of underutilized downtown office buildings
The City of San Francisco released a Request For Interest to identify office building conversions that city officials could help expedite with zoning changes, regulatory measures, and financial incentives.
Designers | Jul 25, 2023
The latest 'five in focus' healthcare interior design trends
HMC Architects’ Five in Focus blog series explores the latest trends, ideas, and innovations shaping the future of healthcare design.
Urban Planning | Jul 24, 2023
New York’s new ‘czar of public space’ ramps up pedestrian and bike-friendly projects
Having made considerable strides to make streets more accessible to pedestrians and bikers in recent years, New York City is continuing to build on that momentum. Ya-Ting Liu, the city’s first public realm officer, is shepherding $375 million in funding earmarked for projects intended to make the city more environmentally friendly and boost quality of life.
Market Data | Jul 24, 2023
Leading economists call for 2% increase in building construction spending in 2024
Following a 19.7% surge in spending for commercial, institutional, and industrial buildings in 2023, leading construction industry economists expect spending growth to come back to earth in 2024, according to the July 2023 AIA Consensus Construction Forecast Panel.
Hotel Facilities | Jul 21, 2023
In Phoenix, a former motel transforms into a boutique hotel with a midcentury vibe
The Egyptian Motor Hotel’s 48 guest rooms come with midcentury furnishings ranging from egg chairs to Bluetooth speakers that look like Marshall amplifiers.
Office Buildings | Jul 20, 2023
The co-worker as the new office amenity
Incentivizing, rather than mandating the return to the office, is the key to bringing back happy employees that want to work from the office. Spaces that are designed and curated for human-centric experiences will attract employees back into the workplace, and in turn, make office buildings thrive once again. Perkins&Will’s Wyatt Frantom offers a macro to micro view of the office market and the impact of employees on the future of work.
