Santander Bank is all set to bring about a change in Miami’s Brickell area by planning to tear down its office building to make room for a new 41-story tower. This ambitious initiative, unveiled on Wednesday will see the Madrid-based bank replacing its existing 1- story office at 1401 Brickell Ave. signaling a shift in Miami’s evolving skyline.
The redevelopment proposal, under discussion since February, aims to convert the 2 acre plot into a 1.6 million-square-foot mixed-use tower. Around 800,000 square feet of this space will be designated for office purposes while the rest will be used for outlets, communal areas and a sizable parking structure with a capacity of 1,496 spaces. The architectural concept for the project was presented this year to the Miami Urban Development Review Board. It includes seven dining establishments spanning 108,000 square feet. These establishments will encompass a street level café and tiered eateries integrated within the parking facility stretching across 13 stories and culminating in a tiered club.
Santander acquired the land back in 2008 for $114 million, with the present day office building spanning an area of 237,000 square feet and accommodating, over 650 employees from its private banking segment.
During the building phase these workers will be temporarily moved to other offices, along Brickell Avenue and Coconut Grove. The bank has confirmed that demolition will start in the coming weeks and the project is expected to be finished within the next few years.
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Designer for Santander’s New 41-Story Tower in Brickell Revealed
The new skyscraper, crafted by Handel Architects from New York and overseen by Rilea Group based in Brickell is planned to reach a height of 765 feet above Miami’s skyline. Even though it’s a large scale project Santander intends to occupy a section of the office space in the tower. The decision to move forward with such a redevelopment showcases the banks dedication to maintaining a presence in Miami, an important financial and tech hub that links North America, Latin America and Europe.
Santander’s endeavor is one of new office towers slated for construction in the Brickell area reflecting its increasing appeal, to local and global businesses alike. This endeavor could position Santander’s tower as the office building to emerge in Brickell since 830 Brickell—a 57-story tower that began construction in 2020 and quickly filled up during the pandemic.
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Other Developments
The popularity of 830 Brickell has sparked a lot of interest in the neighborhood with several prominent projects competing for attention.
One of these projects is One Brickell City Centre, a proposed office building, at 700 Brickell Ave. By Related Cos.. Swire Properties. Demolition work on this site started in May 2023. There are uncertainties about whether the tower will be constructed as originally planned. According to a report by The Wall Street Journal in March Swire had considered selling the 1.6 acre development site due to challenges in securing a tenant. Despite Swires denial of these claims vertical construction has yet to begin leaving the projects fate hanging in the balance.
Another significant project in the vicinity is a 51 story tower put forward by local developer Key International in collaboration with Sterling Bay based in Chicago at 848 Brickell Ave. JLL has been tasked with leasing the property. Construction is on hold until they secure a tenant.
Additionally, Citadel, led by Ken Griffins hedge fund is moving forward with plans, for a headquarters tower at 1201 Brickell Bay Drive that will feature office space, a hotel and retail spaces.
Citadel, which revealed its move, from Chicago to Miami in June 2022 has secured a 130,000 square foot space at 830 Brickell for its operations while the new headquarters is being built. The completion of the 830 Brickell tower was initially planned for 2022. Tenants are now starting to set up their spaces with moves anticipated by the years end.
What’s Different About Santander’s New 41-Story Tower Project?
Amid these developments Santander’s project stands out for its progression. Unlike developers who wait for tenants before starting construction Santander’s proactive approach underscores confidence in Miami’s market potential. Emphasizes its strategic focus on the Brickell district as a vital link between global markets.
The bustling financial hub of Brickell is poised for growth with these projects. Santander’s forthcoming 41-story tower is set to leave a lasting impact on Miami’s skyline emphasizing the bank’s commitment to being a player, in this ever evolving market.
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