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.
Developers are offloading parcels for mixed-use, condo, townhome and multifamily projects, as some struggle to land equity investors or bank financing.
Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space.
The county’s robust film industry went into decline in the past decade after the state discontinued its film incentives program, with films and industry professionals leaving the state for areas with higher incentives.