Billionaire hedge fund manager Ken Griffin is planning a major development in Miami’s Brickell neighborhood, following his $670 million investment in land in 2022. Detailed plans were recently submitted for a 1,032-foot, 54-story mixed-use tower at 1201 Brickell Bay Drive, which will include nearly 1.3 million square feet of office space, a 212-room hotel, fine dining options with 915 seats, a health/spa area, and open space. This tower will serve as the headquarters for Griffin’s Citadel and Citadel Securities.
Construction on the $1 billion-plus development is expected to begin in the third quarter of 2025. Designed by London-based Foster + Partners, this building is the first phase of a multi-phase project. Subsequent phases include a 408,423-square-foot office building at 1221 Brickell Avenue and a 100-unit multifamily residential tower at 1250 Brickell Bay Drive, although details on whether these units will be condos or rentals remain unclear.
Griffin, who is worth over $38 billion according to Forbes, moved his family and companies from Chicago to South Florida. Philadelphia-based Gattuso Development Partners is collaborating on the project, following Griffin’s separation from Chicago-based Sterling Bay last year. The sites fall within a Metromover subzone of Miami-Dade County’s rapid transit zoning regulations, allowing Griffin to streamline the permit process.
Griffin’s assemblage in Brickell spans about 4.2 acres, with the most significant purchase being a $363 million, 2.5-acre bayfront lot at 1201 Brickell Bay Drive from the Hollo family’s Florida East Coast Realty. Additionally, Citadel has expanded its office space at 830 Brickell and leased space at the Southeast Financial Center in downtown Miami.
Beyond his commercial ventures, Griffin has acquired some of South Florida’s priciest residential properties in Miami, Miami Beach, and Palm Beach, while selling some of his holdings in Chicago. He has also been active in local politics, contributing $500,000 to a political action committee supporting Miami-Dade Mayor Daniella Levine Cava’s re-election campaign.
