Santander's 50-Story 1401 Brickell Tower Is Under Way

Banco Santander broke ground in April 2026 on 1401 Brickell, a 50-story tower of about 1.6 million square feet on the site of its former Brickell Avenue office building, with delivery targeted for 2029. Earlier plans filed in 2024 described a 40-story office tower; the bank's own releases and Florida YIMBY now describe 50 stories. For the condo towers on either side, that means about three years of construction next door, followed by a large new block of offices, shops and restaurants in Brickell.

What is being built at 1401 Brickell

Santander and Florida YIMBY both describe the project as about 1.6 million square feet, designed by Handel Architects with Bernardi & Peschard Arquitectura. Santander says its Miami staff, including Santander Private Banking, will occupy part of the office space and third-party tenants the rest. The program also includes retail, dining and wellness space, seven levels of amenities and a sky terrace restaurant overlooking Brickell Avenue.

The size grew between filings. Florida YIMBY and Bisnow reported a 40-story office tower with Handel Architects in February 2024, when the plans went to the city's Urban Development Review Board. By February 2026, Santander's release on a State of Florida grant described a 50-story tower of about 1.6 million square feet.

Jobs and incentives behind the project

The State of Florida agreed to a $6 million grant, paid in two $3 million installments at the end of 2027 and 2031, in exchange for Santander's commitment to create 750 new Florida jobs and invest $630 million in the tower, according to Santander's February 2026 release. Separately, Miami-Dade County commissioners were asked in October 2025 to approve up to $5 million from the county's Targeted Jobs Incentive Fund for 250 new jobs with an average salary of $115,000, created over five years, while Santander keeps its 702 existing county jobs. The county item and Miami Today's report give the same figures, and no incentive is paid until the jobs exist.

What it means for neighboring condo owners

Two condo towers share the block. Four Seasons Residences Miami at 1425 Brickell Avenue, built in 2003, has 16 units for sale at a median asking price of $1,440 per square foot, and its first 25-year structural milestone inspection is due around 2028, while the new tower is still under construction. Echo Brickell at 1451 Brickell Avenue, built in 2017, has 33 units for sale against 8 sales in the last 12 months, about 49.5 months of supply.

Construction of a tower this size usually brings crane work, lane closures and noise for several years, so buyers looking at units facing the site should ask the association what the developer has agreed to on hours and access. Over the longer term, a new office anchor with restaurants and amenities on the avenue adds daytime activity and potential tenants for nearby condo units.

Brickell's condo market as the tower rises

Own.Miami's Brickell market data, as of October 13, 2026:

• 1,133 condos for sale and 747 closed sales over the last 12 months, about 18.2 months of supply.
• A median closing price of $608 per square foot, down 3.4% from the prior 12 months, with sales down 10.3%.
• Sellers accepted a median 92.0% of the asking price; our Buyer/Seller Market Index reads 22 of 100, a buyer's market.

Nearby, Brickell House at 1300 Brickell Bay Drive shows tighter conditions, with about 7.8 months of supply.