The firm has placed the 2.8-acre dev site on the market.
The new High Impact Film Fund program includes annual incentives of up to $10 million.
The prime location offers the potential for constructing a supertall building.
As borrowing becomes more affordable, construction costs stabilize, and market liquidity improves, many investors, currently sitting on significant dry powder, are eager to re-enter the market.
Seven supertall towers are currently planned across Miami.
The Madrid-based bank will begin demolition of its Brickell office building in the next few weeks to make way for the new tower.
According to the utilities agreement, the new tower will include 750,901 square feet of office and 6,553 square feet of retail.
Miami City Commissioner Manolo Reyes, chairman of the Miami DDA, said the slow progress of the Flagler Street project has harmed downtown area businesses.
Amid elevated interest rates and other economic headwinds, owners are still asking – and expecting – top dollar for their properties.
The three towers will have 1,342 multifamily units, 264 apartment-hotel units, 615 hotel keys, 100,000 square feet commercial, and 1,180 parking spaces.