One of the richest men on the planet is once again betting on investing right in the center of Miami. Billionaire Ken Griffin, founder and CEO of the global investment firm Citadel and owner of Citadel Securities, continues to develop the project worth more than 1.000 billion dollars with the construction of a building in the center of Brickell Miami.
The applications for the spaces at 1201 Brickell Bay Drive, 1221 Brickell Avenue and 1250-1260 Brickell Bay Drive, where the headquarters of his two companies will be located, were submitted to the authorities by his lawyer Neisen Kasdin.
The tower to be built at 1201 Brickell Bay Drive will house a striking high-end hotel, retail, parking, food and beverage, and office space. The developments comprising a Metromover sub-zone would be developed under Miami-Dade County regulations regarding rapid transit in the city, the application states. The 1221 Brickell Bay Drive site will house additional residential units.
Norman Foster's Foster + Partners will be in charge of the architectural plans for both buildings, while office developer Gattuso Development Partners, owned by John Gattuso, will be part of the project since Sterling Bay, who identified several Citadel properties in Miami and Palm Beach in the past, will no longer be involved in this new development.
Two years ago, Ken's companies paid nearly $670 million to acquire the properties where the tower and office building will be built, which together cover 4.2 acres. The largest of the contracts was the $363 million deal for the 2.5-acre lot at 1201 Brickell Bay Drive facing the bay, which belonged to Florida East Coast Realty, owned by the Hollo family, who received a large sum of money for the sale.
That same year, they closed their second contract to acquire the 28-story office building at 1221 Brickell Avenue for $286.5 million. Griffin also offered $20 million to acquire an apartment building they demolished at 1250 Brickell Bay Drive and an adjacent vacant lot at 160 Brickell Bay Drive.
In compliance with Federal Aviation Administration regulations that restrict skyscrapers from exceeding the 1.049-foot limit, the building's height is subject to the rules while still shining alongside the other towers that form part of the skyline of the City of the Sun.
Citadel recently expanded into 830 Brickell, taking advantage of 130.000 square feet in the Cain International and Vlad Doronin building that is due to be completed soon. Citadel and Citadel Securities also have their own location in the South Florida Financial Center, right in the center of Miami.
Ken has acquired several high-value properties in South Florida with several properties on the coast of Miami, Palm Beach and Miami Beach which obviously contribute to increasing his vast wealth. These properties and the constant achievements of Citadel in the early 2020s positioned him among the biggest millionaires on the planet.
The Forbes global ranking places the hedge fund king at number 42 with a huge fortune of 36.4 billion dollars. The properties where he had his business in Chicago were put up for sale several months ago.
