A planned $10 million office building in Doral could mean quick visas for 19 foreign investors.
Developer Rodrigo Azpurua hopes to finance 100 percent of the $9.5 million budget for the Riviera Point Business Center by selling shares to foreigners seeking investor visas. The visas are allowed under a special program that fast-tracks green cards in exchange for capital. Investors must put at least $500,000 into a project approved by Washington as likely to boost a local economy. For each $500,000 share, the developer must prove at least 10 new jobs were created.
Known as EB-5, the program gained popularity during the credit crisis, when developers had trouble securing loans from banks. Azpurua said he has sold out shares for an earlier EB-5 project, an office complex in Miramar.
The 40,000-square-foot Riviera Point Business Center would go up on land Azpurua bought at 9000 NW 89th Court and NW 15th St. Azpurua said the building will house 36 small suites of about 1,000 square-feet, the kind of afforadable space favored by the start-up companies he will need to justify the job-creation requirements for the visas.