Bank Hq May Land In Brickell

Written by Wayne Tompkins on July 5, 2007

By Wayne Tompkins
An international bank headquarters employing more than 200 people could have a home in a new 35-story office tower at 1450 Brickell Ave.

The tower, scheduled for completion in 2009, is one of three contenders for the bank’s headquarters along with buildings in Atlanta and Brazil.

The institution will ask Miami-Dade commissioners Tuesday for nearly $1.6 million in economic development incentives for its $37.3 million project.

The bank’s identity is concealed in county documents — standard practice when a company is weighing competing locations. But the documents describe the bank as having "three existing facilities" in the county.

"If the business were to build its new headquarters here and consolidate its existing facilities, it will create 205 new high-quality and high-income jobs," documents state.

The project would provide $130,000 in individual annualized wages with a $32,500 annual employee benefit package.

The bank has applied for nearly $1.37 million in Targeted Job Incentive funds and Qualified Target Industry tax refunds, $205,000 of which would come from the county. The company also has applied for $820,000, or 80%, in matching QTI state refunds.

Several international banks call Brickell Avenue home.

"There are other cities that are banking centers, but when it comes to the Americas especially, no one can compare to Miami in international banking, and Brickell Avenue is in the heart of it," said Ken Thomas, a Miami banking consultant. "Just looking at things like the number of direct flights to Latin America compared to Atlanta, Miami has a big advantage."

The Rilea Group is developing the Class A office tower, and Cushman & Wakefield is the leasing agent.