Ken Griffin is expecting to break ground next year on a 54-story tower in Miami that will serve as the headquarters of his Citadel financial empire, enlisting a Philadelphia developer as a consultant on the project.
The proposed building at 1201 Brickell Bay Drive offers 1.7 million square feet, combining offices and a roughly 413,000-square-foot hotel on the upper floors, according to plans filed with Miami-Dade County on Monday. The waterfront project is expected to break ground in the third quarter of 2025, a spokesperson for Griffin said.
The billionaire founder of hedge fund Citadel and market maker Citadel Securities first proposed the project in 2022, at an estimated cost of more than $1 billion. That same year, Griffin left his longtime home of Chicago, relocating his family and his businesses to Miami. His firms will serve as anchor tenants for the new tower.
The building, set to be one of the city’s tallest, will “redefine the Miami skyline,” the spokesperson said, adding that it will bolster Miami’s reputation as a “destination for talented professionals and their families, businesses, and culture.”
Griffin, 55, has tapped Philadelphia-based Gattuso Development Partners to consult on the project, the filings show. The firm’s cofounder, John Gattuso, has worked on multiple projects with Comcast Corp. Griffin previously dropped Chicago-based Sterling Bay from the project.
Foster + Partners is handling the design of the Miami tower, which will also include retail and waterfront restaurant space, according to the filings, as well as a public pedestrian path along the water.