Ken Griffin Wins Approval to Buy Historic Miami Cottage

Ken Griffin is one step closer to buying the 121-year-old historic cottage near Citadel’s future headquarters in Brickell for $2.98 million after gaining the city of Miami’s support.

Miami city commissioners unanimously approved the measure at their Thursday meeting. Dade Heritage Trust, the nonprofit with its headquarters leased at the cottage on the City of Miami-owned land at 190 Southeast 12th Terrace, announced last night it will be moving the historic property to Coconut Grove.

The nonprofit’s executive director Christine Rupp declined to disclose the new site’s address, size or how much the nonprofit paid for it.

Commissioner Damian Pardo sponsored the measure to sell Griffin the land and addressed some of the public concerns about the sale price and public involvement.

Pardo said the $2.98 million price was supported by an independent appraisal conducted under the city’s standard valuation process. He acknowledged calls for greater public engagement, saying the Dade Heritage Trust had committed to holding a public outreach process and noting the proposal must also go before the city’s Historic and Environmental Preservation Board for another public hearing.

Mayor Eileen Higgins added that the city and county told the nonprofit last year that the city would support whichever path the organization chose to preserve the historic cottage, whether remaining on-site or relocating.

Rupp said Griffin will fund the relocation and preservation of the historic property, subject to the approval by the preservation board. The nonprofit would own both the Dr. Jackson Medical Office and the land on which it sits.

The sale marks the second time Griffin has arranged to relocate a prominent historic property in Miami. Last year, the billionaire reached an agreement to move the bayfront home of William Jennings Bryan — one of Miami’s most significant historic landmarks — from his Brickell Avenue estate to the nearby, publicly owned Vizcaya Museum & Gardens.

Built in 1905, the property was the former office and surgical center of Miami’s first resident physician Dr. James M. Jackson. It was originally located on Flagler Street in downtown Miami and moved to the Brickell Bay Drive area in 1917. The nonprofit has had its headquarters there since 1978.

The building sits on the missing piece on Griffin’s Brickell Monopoly board.

Griffin bought up all the units of the 22-story Solaris condo next to the cottage, which he plans to demolish for future development.

This year, Griffin revised plans for his 54-story, 1.7 million-square-foot flagship office building for Citadel and Citadel Securities at 1201 Brickell Bay Drive, adding a 300-unit apartment building and 1,420-space parking garage next to another office building he owns.

Griffin nixed a hotel planned for the supertall to make way for more office space, The Real Deal previously reported. He is still considering building a hotel across the street.

The headquarters building will sit on a 2.5-acre site, which Griffin bought for $363 million in 2022. Related Companies is partnering with him on the project.