Espirito Santo family unveils cornerstone for Miami landmark.

An illustrious banking family, once exiled from its native Portugal, has laid the cornerstone for Espirito Santo Plaza, a new Miami landmark in their adopted homeland.

"This project is an outgrowth of the Espirito Santo family's long faith in the spirit of free trade and commitment to serving the Americas," said Ricardo Espirito Santo Salgado, chairman and president of the board of directors of Espirito Santo Financial Group S.A. -- Luxembourg (ESFG); chairman of the board of Banco Espirito Santo de Investimentos SA, and chairman of the Portuguese Stock Exchange.

Located at 1395 Brickell Avenue in the heart of Miami's financial district, Espirito Santo Plaza is a carefully considered investment, he added. "We have been in Miami for more than 20 years, and this project is a natural result of our long-term approach, studying the market carefully for points of entry to the United States and recognizing that Miami has become more and more important as the financial center for all of Latin America."

At the April 30 ceremony, dignitaries and other members of the Espirito Santo financial holdings gathered in an air conditioned tent set up on the construction site, where steel reinforcing rods and concrete foundations are emerging from the ground.

Barry Johnson, former chairman of the Greater Miami Chamber of Commerce, and the chairman of Miami's One Community One Goal initiative, welcomed the project. "This decision of our Portuguese friends to maintain their headquarters in Miami is a clear example of our community's role as a global hub," he said. "It will be a marvelous structure and provide much-needed Class A office space to companies that want to be at the center of growth in the hemisphere. This will be one of America's premier business addresses."

In unveiling the black granite cornerstone, Espirito Santo recounted his family's history of being forced into exile in 1975 after a left-wing Portuguese government nationalized most financial and industrial operations. The family since has reclaimed their interests in Portugal and expanded their empire globally. "We went to Brazil, and the Brazilians opened their arms to us," he said. "We established ourselves as an investment bank in 1976 and decided as soon as possible to open an office in the United States, the only country in the world that is fully committed to free enterprise."

Developer Estoril Inc., a Florida corporation and a subsidiary of Grupo Espirito Santo, has begun construction on the 36-story mixed-use building on the site of the bank's former offices. The bank remains open at 999 Brickell Ave.

Espirito Santo Plaza will house Class A offices, restaurants, condominium homes and a luxury hotel to be managed by a well-known hotel operator. Completion of the US$160 million building is slated for Summer 2003.

The modern architecture of the new building reflects the family's long interest in art and design. The Espirito Santo Foundation, which operates a museum and school of the decorative arts in Lisbon, recently restored the second oldest church in Brazil. Estoril recently raised $30,000 for Miami's New World School of the Arts.

Listed on the New York, London and Luxembourg stock exchanges. Espirito Santo Financial Group provides commercial banking, insurance, merchant banking and stock brokerage and asset management services in Portugal and around the world. The holding company has other U.S. offices in New York, Newark, New Bedford, and San Jose. ESFG also has an equity interest in Bradesco, the biggest private bank in Brazil and is a partner in Bradespar, an investment bank.

At a glance

ESPIRITO SANTO PLAZA

LOCATION: On the east side of Brickell Avenue between SE 13th and 14th streets.

HEIGHT: 36 stories, 480 feet.

OFFICE SPACE: 300,000 square feet located on floors 2 through 15.

RESIDENTIAL SPACE: 121 luxury units located on floors 26 through 36.

HOTEL: 203-room luxury hotel.

PARKING: 12-story garage; 980 spaces.

OCCUPANCY: Summer 2003. Health club: 7,000 square feet.

OTHER RECREATION: Two tennis courts, 75-foot swimming pool, garden, sundeck.

RESTAURANTS: Top-ranked dining with entertainment, plus a more casual restaurant.

PUBLIC TRANSPORTATION: Metromover station located across the street.