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Ken Griffin deal clears way for $2.5B Brickell office project in Miami
Miami commissioners approved a no bid $3M sale of the Jackson Cottage waterfront site, with demolition of nearby Solaris expected to begin soon.
Housing and development approvals are moving ahead for Ken Griffin’s Citadel and Citadel Securities headquarters plans in Miami’s Brickell area, after Miami commissioners last week approved the Citadel founder’s plan for a full block project at 1201 Brickell Bay Drive, according to Bisnow.
The city will sell Jackson Cottage, a 121 year old historically protected cottage that is considered the city’s first doctor’s office, in a no bid transaction for $3M to Griffin. Griffin will fund the relocation of the landmark to Coconut Grove, allowing the Dade Heritage Trust to own both the cottage and the land it will sit on, after operating the cottage under a lease with the city since the late 1970s.
The overall project is described as a $2.5B development that will include a 54 story office tower with 1.3M square feet of office space, plus an apartment building and possibly a hotel. The planned tower is set to replace the waterfront site that is now being assembled for Citadel and Citadel Securities.
Griffin’s land purchase timeline includes spending $360M in 2022 for the 4 acre vacant lot at 1201 Brickell Bay Drive and $286.5M for an office building across the street at 1221 Brickell Ave. Bisnow also reports that he acquired condos behind Jackson Cottage in the 22 story Solaris building for roughly $125M, with demolition of Solaris expected to begin soon, and that a previously planned hotel component was later scrapped after Griffin said he would shift more Citadel employees to Miami.