Miami As An Emerging Global City – Banco Santander’s Expansion Into Coconut Grove

As 2023 rolls on, Miami’s finance and tech sectors are showing no signs of slowing down. Both the Brickell International Financial District and the burgeoning tech sectors that have popped up throughout the Greater Downtown Miami area are experiencing exponential growth despite signs of strain in the rest of the country.

There is even a book, detailing how Miami is now among the Emerging Global Cities with the company of Dubai and Singapore. These cities are joining the ranks of areas such as New York, London, Tokyo, and Paris.

At the same time all of this is happening, Coconut Grove is also experiencing a renaissance. The once sleepy community is now filled with glittering condo towers that enjoy amazing water views as well as the townhomes and single-family residences that are missing from the Greater Downtown area. Even with all of the growth and expansion, it has been done in a way that has preserved the casual quirkiness of The Grove and welcomed newcomers.

Banking & Tech’s Global Expansion Trickles Into Coconut Grove

Banco Santander, the 19th largest banking institution in the world is taking a huge leap in Miami. Being based in Madrid, Santander has long had a solid respect for the Magic City because of our international banking hub in Brickell. Some may not yet know this, but Brickell Avenue is home to the largest concentration of international banks in the world. It is the latin markets’ gate to the US.

Santander owns a 14-story Class A office tower at 1401 Brickell Avenue and has also committed to a 95,000-square-foot lease in the new Class AA office tower at 830 Brickell Avenue. It is curious how they can be so bullish on the market with the traditional news media touting a possible global recession. But Santander is not finished.

After announcing the new Brickell lease last October, they have also decided to make a big leap forward, moving all of their app development and technology functions to a new flexible workspace right here in Downtown Coconut Grove.

Rendering of Banco Santander Coconut Grove Lobby

Why Coconut Grove Is Perfect For Tech Professionals

Historically, those who are successful in tech development flourish in an area that harbors creativity. Flexibility and balance foster collaboration, innovation and a sense of play. Coconut Grove is able to offer all of these factors just a stone’s throw from the hectic finance-centric hub in Brickell.

The new space will be located along Mary Street and Grand Avenue, in Mayfair in the Grove. Some seasoned Groveites will remember this space as being the old Miami Improv theater that closed in 2013 as prices rose when Park Grove was announced, kicking off Coconut Grove’s renaissance.

This thriving area is surrounded by sidewalk cafes with internationally-inspired menus, relaxing and manicured waterfront parks and so many amenities that nurture your sense of wonder and collaboration. With our international culture, hearing Spanish, French or Portuguese on the street is commonplace and the new team members at Santander will feel right at home no matter where their birthplace was.

Santander’s US Expansion

Despite already being listed in the top 20 financial institutions in the world, Santander is incredibly bullish coming into this new market. Just yesterday, it was announced that they are also expanding their investment banking arm in the US, as in previous years they have been more reliant upon Latin America for growth.

In their technology departments, they experienced an increase of 5 million digital customers just in 2021. A whopping 54% of total sales in 2021 were digital transactions, according to their website. Because of this, Santander Group has committed 2 Billion Euro per year to developing their tech-driven business.

Santander Group’s recognition of Coconut Grove is a feather in our cap as we continue to evolve, and we are proud that we can offer the lifestyle they seek for a successful new workspace for their new tech department.

Rendering of Banco Santander Coconut Grove

Rendering of Banco Santander Coconut Grove Valet