Billionaire hedge fund titan Ken Griffin made headlines in 2022 with his $670 million land acquisition spree in Miami’s Brickell neighborhood, sparking considerable buzz around his move to South Florida.
Now, Griffin’s attorney has submitted detailed plans for an ambitious new project: a supertall mixed-use tower poised to transform the area. The proposed development will rise 1,032 feet over 54 stories at 1201 Brickell Bay Drive and feature nearly 1.3 million square feet of office space, a 212-room hotel, high-end dining venues with 915 seats, a 5,239-square-foot health and spa area, and ample open space. In total, the building will encompass 1.7 million square feet of vertical space and will serve as the headquarters for Griffin’s Citadel and Citadel Securities.
Construction on this $1 billion-plus development is slated to commence in the third quarter of 2025, as confirmed by a spokesperson.
The Brickell Bay Drive tower will be the first phase of Griffin’s grand development plan, with subsequent phases including a 408,423-square-foot office building at 1221 Brickell Avenue and a 100-unit residential tower at 1250 Brickell Bay Drive. It remains to be seen whether the residential component will offer condos or rental units.
Designed by the renowned Norman Foster of London-based Foster + Partners, the project has released new renderings showcasing its cutting-edge design. Philadelphia’s Gattuso Development Partners, led by John Gattuso, will oversee the development, following Griffin’s split with Chicago’s Sterling Bay, the previous co-developer.
The development sites are located within a newly designated Metromover subzone, which, as part of Miami-Dade County’s updated rapid transit zoning regulations, allows Griffin to navigate the permit process with greater ease, largely bypassing the city of Miami’s regulatory hurdles.
In 2022, Griffin and Citadel completed their significant land assemblage in Brickell, amassing about 4.2 acres. Notably, they secured a 2.5-acre bayfront lot at 1201 Brickell Bay Drive for a record $363 million from Florida East Coast Realty, owned by the Hollo family.
Citadel has also recently expanded its footprint at 830 Brickell, leasing approximately 130,000 square feet in the office tower developed by Vlad Doronin and Cain International, which is nearing completion. Additionally, Citadel and Citadel Securities maintain leased spaces at the Southeast Financial Center in downtown Miami.
With a net worth exceeding $38 billion, Griffin's move to South Florida reflects his broader strategy of establishing a significant presence in the region, further cementing Miami’s status as a burgeoning hub for high-profile financial and business operations.
Posted by Larry Mastropieri on
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