Santander Bank Moves Forward with New 41-Story Tower in Miami’s Financial District
August 30, 2024
Santander Bank is advancing its plans to construct a 41-story office tower in Miami’s Brickell financial district by demolishing the 1970s-era building it currently owns.
The bank is set to demolish the 50-year-old office building at 1401 Brickell in the coming weeks to pave the way for Santander Tower, a new development encompassing 1.6 million square feet. The tower will include office spaces, retail areas, 1,496 parking spots, and other common facilities.
Designed by Handel Architects and Bernardi + Peschard Arquitectura, the 765-foot tower will feature multiple terraces with integrated gardens and amenities like a potential daycare or club. The Miami-based Rilea Group has been selected to manage the project’s development.
Santander Bank plans to occupy part of the new space while leasing the remaining areas to future tenants.
Both Santander Bank and Rilea Group have declined to comment further on the project. However, Santander Bank emphasized that Miami remains a crucial connection point between North America, Latin America, and Europe, underscoring their commitment to maintaining a presence in this international technology and financial hub.
The demolition of the current building is expected to begin soon, and the project is slated for completion over the next several years.
Santander Bank acquired the 188,000-square-foot property at 1401 Brickell in 2008. Employees currently working at the site will temporarily relocate to other offices in Brickell or the bank’s Coconut Grove location at 3036 Grand Ave.
Santander Tower is part of a broader wave of new office developments in Miami’s financial district. The upcoming 830 Brickell, developed by OKO Group and Cain International, is set to open later this year after multiple delays. It will mark the first new office tower in Miami’s core in a decade.
Additionally, three other towers are in the pipeline, including One Brickell City Center, a project by Swire Properties and Related Cos.; 848 Brickell, developed by Miami-based Key International and Chicago-based Sterling Bay; and a proposed tower that is expected to become the future headquarters of Ken Griffin’s Citadel.
