MIAMI | Banco Santander Tower | 765 FT | 40 FLOORS

[BrickellBased]

Speaking of office - groundbreaking for another previously planned mixed use tower with 370k sqft office space may be imminent downtown.

https://www.thenextmiami.com/fence-permit-applied-for-at-worldcenter-site-where-two-towers-planned/

[NYC2ATX]

Originally Posted by chris08876

I like seeing the tower in context from the bay, you can see the impact it will have in the skyline from that view.. and imagine Citadel's tower just to the right!

Also, can a mod please fix the misspelling of "Santander" in the thread title?

[chris08876]

Fixed lol.

[ChiND]

One needn”t be the Prophet Daniel (or Paul Simon) to see the writing on the wall…

https://www.bisnow.com/south-florida/new...-low-as-pandemic-era-deals-dry-up-126315

Miami's Office Leasing Is At A 4-Year Low As Pandemic-Era Deals Dry Up
South FloridaOffice

October 16, 2024 Matt Wasielewski, South Florida

Miami is on track to have its worst year of leasing activity since at least 2020 with a dearth of large deals and the average size of a new lease down to 3,682 SF.

[Altoic]

Originally Posted by ChiND

One needn”t be the Prophet Daniel (or Paul Simon) to see the writing on the wall…

https://www.bisnow.com/south-florida/new...-low-as-pandemic-era-deals-dry-up-126315

Miami's Office Leasing Is At A 4-Year Low As Pandemic-Era Deals Dry Up
South FloridaOffice

October 16, 2024 Matt Wasielewski, South Florida

Miami is on track to have its worst year of leasing activity since at least 2020 with a dearth of large deals and the average size of a new lease down to 3,682 SF.

Do you read the articles you send?

Miami’s office market remains in a stronger position than most other metros across the country, with vacancy down just under a percentage point this year to 15.8% and the highest office attendance numbers in the country. Nationally, the office market is 22.2% vacant, per JLL.

“While office leasing in Miami has slowed down this year, the city still ranks third in the country for utilization (foot traffic) and remains above the national average according to Avison Young’s Office Busyness Index,” Jason Steele, Avison Young’s Florida research lead, said in a statement.

“We anticipate this slowdown to be short lived as economic headwinds such as the upcoming election and the anticipated interest rate cuts are ironed out over the next few months,” he said.

The constant hate for Miami is annoying because nobody here is bullish about each office tower, we're just posting the news and the facts. Miami has office problems like the rest of the country.

[BrickellBased]

Ha - beat me to it. You can cherry pick 'best since' and 'worst since' stats every quarter with enough data. The article could have been titled the opposite highlighting the facts Altoic quoted.

There are no new major Class A marquee buildings like 830 Brickell (which is 100% leased!) completing soon. Any companies looking for similar are SOL for the next 3+ years.

And absorption of these new towers will take place over the next 4-7 years. Brickell City Centre will take 5 to build with demolition. Santander will lease a large portion of their own tower. Only other building in pipeline besides these is 848 Brickell.

The demand and market for top Class A space has shown to be largely isolated from the overall office market in multiple cities across the country. Of which Miami is still one of the strongest. And when things inevitably improve nationwide (a la lower rates) - Miami will be starting from a higher low from most other cities.

Originally Posted by Altoic

Do you read the articles you send?



The constant hate for Miami is annoying because nobody here is bullish about each office tower, we're just posting the news and the facts. Miami has office problems like the rest of the country.

[ChiND]

There’s no hate. Miami is actually one of my favorite cities, but as I’ve noted, it’s not a corporate capital and never will be.

https://therealdeal.com/miami/2024/05/06/planned-brickell-office-towers-devoid-of-preleasing/

Brickell office slump? Nearly 3M sf planned, zero preleased
Proposals for three towers come amid a dearth of new-to-market firms

I doubted the Macklowe’s Tower Fifth would be built. That doesn’t mean that I hate New York. Same with the proposed super tall in Oklahoma. Absent AMEX moving to 2WTC, I doubt that it will be built. Tenants want to be in Midtown. My opinion doesn’t mean that I hate New York.

[BrickellBased]

Well at least the article is balanced.

Real estate attorney Evan Rosenberg said he is confident all planned towers would get built, saying businesses will continue moving to South Florida from New York.

“A lot of these [projects] are looking for their anchor tenant, and everything will follow from there,” said Rosenberg, of Berger Singerman, who moved from New York to South Florida four years ago.

He said Brickell’s walkability and the amenities the new towers promise to offer will attract office tenants, and the influx of businesses during the pandemic wasn’t just a “fad.”

Said Rosenberg: “I think this is a permanent shift in the reality of where people are living and working in this country.”

The Ardids say they are confident in their project. Already, they are getting calls from Miami tenants that have small offices spread across the city and want to consolidate in a Class A building, such as 848 Brickell, Diego Ardid said. Kevin Probel, one of the JLL brokers leasing the tower, said he expects leasing to be a mix of Miami and out-of-state firms in the financial, legal and tech industries.

The market conditions at this very second won't dictate whether these are built - it's what happens over the next several years.

It's more of a question of whether Miami was just a fad or a longer term trend. I feel the latter is true.

Originally Posted by ChiND

There’s no hate. Miami is actually one of my favorite cities, but as I’ve noted, it’s not a corporate capital and never will be.

https://therealdeal.com/miami/2024/05/06/planned-brickell-office-towers-devoid-of-preleasing/

Brickell office slump? Nearly 3M sf planned, zero preleased
Proposals for three towers come amid a dearth of new-to-market firms

I doubted the Macklowe’s Tower Fifth would be built. That doesn’t mean that I hate New York. Same with the proposed super tall in Oklahoma. Absent AMEX moving to 2WTC, I doubt that it will be built. Tenants want to be in Midtown. My opinion doesn’t mean that I hate New York.

[BrickellBased]

Utilities deal completed with city. Demo permit already issued.

https://www.thenextmiami.com/santander-gets-utilities-for-new-765-foot-brickell-tower/

[ChiND]

That’s good news. If Santander will occupy a large part of it, then hopefully, it will rise.

[BrickellBased]

Construction permit issued

https://www.thenextmiami.com/construction-permit-submitted-for-santander-tower-in-brickell/

[UrbanImpact]

Site work and phased vertical permits have been applied for at Brickell’s Santander Tower site.

Santander Bank is building a 41-story, 765-foot tower on the property. Demolition of an older building on the site is currently underway.

The two new permit applications were both submitted on March 19......

https://www.thenextmiami.com/site-work-p...-submitted-for-765-foot-santander-tower/

[plinko]

Awesome. This will be a great looking tower.

[UrbanImpact]

Current building demolition is progressing:

https://floridayimby.com/2025/04/demolit...-tower-in-miamis-financial-district.html

[ChiND]

[colemonkee]

The southern part of the skyline is going to look a lot different in 3 years.

[UrbanImpact]

Site Work Permit Issued For Santander Tower At 1401 Brickell Avenue
https://floridayimby.com/2025/08/site-wo...ander-tower-at-1401-brickell-avenue.html

Miami’s Building Department has issued a site work permit for Santander Tower, a 41-story office development planned at 1401 Brickell Avenue in the city’s Financial District. The permit, issued on August 14, allows for excavation, piles, site and soil improvement work, and lists an estimated total cost of $3,000,000. Applications for a phased vertical permit and a master construction permit remain under review. Demolition of the existing office building began in July 2024 following the issuance of a demolition permit. YIMBY last visited the site a few months ago, when demolition had progressed and the main tower was shrouded in netting...............click link for more

[Altoic]

Another office tower is now under construction, mods please move this thread.

Deep soil mixing and foundation work has now begun.




Via:https://x.com/volvoshine/status/1985037166129389829

[chris08876]

Moved.

Most cranes in the U.S. right now! (Miami-Dade)

[Altoic]

CTBUH now lists this as U/C




There will be 612,918 SF of office once complete.