Billionaire hedge fund manager Ken Griffin spent $670 million assembling land in Miami’s Brickell neighborhood in 2022, generating huge interest in his companies’ move to South Florida.
Now his attorney has filed more detailed plans for the proposed supertall, a mixed-use tower with nearly 1.3 million square feet of office space, a 212-room hotel, fine dining restaurants with 915 seats, a 5,239-square-foot health/spa area, open space and more, according to documents submitted on Monday. It would have a total of 1.7 million square feet of vertical space. The building would house the headquarters for Griffin’s Citadel and Citadel Securities.
Construction of the $1 billion-plus development would begin in the third quarter of 2025, a spokesperson confirmed.
Griffin plans to develop the 1,032-foot, 54-story building at 1201 Brickell Bay Drive as the first phase of a multiphased development, according to county records. The plans reveal new renderings for the project, designed by Norman Foster’s London-based architecture firm Foster + Partners.
The second phase would be a 408,423-square-foot office building at 1221 Brickell Avenue and the third phase would be a new 100-unit multifamily residential tower at 1250 Brickell Bay Drive. It’s unclear if these would be condos or rentals.
Griffin is worth more than $38 billion, according to Forbes. He relocated his family and his companies, Citadel and Citadel Securities, to South Florida from Chicago.
Philadelphia-based Gattuso Development Partners, an office developer led by John Gattuso, is also working on the project. Griffin parted ways with Chicago-based Sterling Bay as the co-developer last year.
The sites are part of a Metromover subzone added to Miami-Dade County’s rapid transit zoning regulations in 2022 and 2023, which allow Griffin to largely bypass the city of Miami in the permit process.
In 2022, companies tied to Griffin and Citadel completed the Brickell assemblage, totaling about 4.2 acres. The largest of those deals was the $363 million purchase of the 2.5-acre bayfront lot at 1201 Brickell Bay Drive. The Hollo family’s Florida East Coast Realty sold the development site for a record price.
Citadel recently expanded its space at 830 Brickell, giving Citadel a total of roughly 130,000 square feet leased at Vlad Doronin and Cain International’s office tower, which is expected to be completed soon. Citadel and Citadel Securities also have leased space at the Southeast Financial Center in downtown Miami.
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Griffin has collected some of South Florida’s priciest residential real estate, with waterfront properties in Miami, Miami Beach and Palm Beach. The Daytona Beach native is selling some of his residential properties in Chicago, where he built his business.
He’s also spreading some of his fortune, in part by donating to local politicians. Griffin contributed $500,000 to Our Democracy, a political action committee that backed Miami-Dade Mayor Daniella Levine Cava’s re-election campaign. The PAC raised $4.6 million, and Levine Cava was re-elected last week.