Billionaire Ken Griffin Moves Forward with $1 Billion Mixed-Use Tower in Miami’s Brickell Financial District
Ken Griffin, the billionaire founder and CEO of Citadel and owner of Citadel Securities, is pushing ahead with ambitious plans to develop a $1 billion-plus mixed-use tower in Miami’s vibrant Brickell Financial District. This significant development marks a new chapter for both Citadel and the rapidly evolving Miami skyline.
This week, Griffin’s attorney, Neisen Kasdin, submitted a pre-application for three prominent sites located at 1201 Brickell Bay Drive, 1221 Brickell Avenue, and 1250-1260 Brickell Bay Drive. These sites will collectively host the new headquarters for Citadel and Citadel Securities, reflecting Griffin’s commitment to establishing a substantial presence in Miami.
The proposed tower at 1201 Brickell Bay Drive will feature a mix of office spaces, a luxury hotel, retail outlets, food and beverage venues, and ample parking. This development will be constructed under Miami-Dade County’s rapid transit zoning regulations, a testament to the city’s forward-thinking urban planning. The sites fall within a Metromover subzone added in recent years, enhancing their accessibility and appeal.
In addition to the new tower, preliminary site plans suggest that residential units may be integrated into the existing office building at 1221 Brickell Bay Drive. This blend of commercial and residential spaces is designed to create a dynamic, multi-functional environment in the heart of Brickell.
Griffin has enlisted the expertise of Norman Foster’s renowned London-based architecture firm, Foster + Partners, to bring this vision to life. Philadelphia-based Gattuso Development Partners, led by office developer John Gattuso, is also collaborating on the project.
The Brickell assemblage, spanning approximately 4.2 acres, was acquired by companies linked to Griffin and Citadel for nearly $670 million in 2022. The most notable transaction was the $363 million purchase of the 2.5-acre bayfront lot at 1201 Brickell Bay Drive from the Hollo family’s Florida East Coast Realty. This deal set a record price for the development site.
While the project’s future height will be restricted by Federal Aviation Administration regulations, capping buildings in Miami at 1,049 feet, the development is poised to make a significant impact on the city’s skyline.
Citadel has been steadily expanding its footprint in Miami. Recently, it increased its space at 830 Brickell to a total of approximately 130,000 square feet. Additionally, Citadel and Citadel Securities maintain a presence at the Southeast Financial Center in downtown Miami.
Ken Griffin has also been investing heavily in South Florida’s residential real estate market. He owns several waterfront properties in Miami, Miami Beach, and Palm Beach. The Daytona Beach native’s relocation from Chicago to South Florida includes plans to sell some of his residential properties in Chicago, where he originally built his business empire.
