Santander Holdings USA, Inc. (“SHUSA”) provided an update today on Santander Group’s development of a new tower located at 1401 Brickell Avenue in Miami that will be named “1401 Brickell by Santander.” The 50-story project – inclusive of office, retail and parking – will total 1.6 million square feet. Santander employees located in Miami will occupy part of the office space, with the remaining space occupied by third-party tenants.
SHUSA, along with certain affiliates, and the Florida Department of Commerce recently executed a High-Impact Sector Performance Grant Agreement effective as of August 29, 2025. Under the agreement, the State of Florida has agreed to provide a $6,000,000 grant to Santander in exchange for Santander’s commitment to create 750 new Florida jobs and invest $630M of capital in the to-be-built office tower. The agreement provides for two separately timed incentive cash payments to Santander of $3,000,000 on each of December 31, 2027, and December 31, 2031.
The new tower, designed by Handel Architects and Bernardi & Peschard Arquitectura, will be approximately 765-feet high. The project, which is being coordinated by Rilea Group, will adhere to the highest international standards for sustainable construction and will incorporate the latest technology in terms of security, connectivity, and energy efficiency
The development of 1401 Brickell by Santander comes as the company continues to grow in the South Florida region. Santander Private Banking currently operates a hub in Miami which has been providing best-in-class services for global private banking clients for more than 40 years. In 2024, Santander Bank, N.A. (“Santander Bank”) unveiled its second Work Café in the United States, located in Coconut Grove, Miami’s oldest neighborhood. The Work Café serves as an innovation hub for local businesses and the broader community. That same year, Santander Bank opened 34 ATM locations in Target stores across South Florida. Continuing its growth across the region in 2025, Santander Bank unveiled its first Openbank physical location in the United States, located in the Miami Worldcenter. The location offers branch banking services, as well as its Openbank division’s digital-first banking products.