Citadel acquires nearly an entire city block in Brickell for new apartment tower and large-scale parking facility
Billionaire investor Ken Griffin is broadening his real estate footprint beyond office developments, moving into the multifamily sector with plans for a new apartment tower in Miami’s financial district.
Entities connected to Griffin, his hedge fund Citadel, and market-making firm Citadel Securities have acquired all condominium units within Solaris, a 22-story residential building completed in 2006. According to updated filings submitted to Miami-Dade County, the existing structure is expected to be demolished and replaced with a new 300-unit apartment development.
The proposed residential project will rise at 1250 Brickell Bay Drive, directly across from Citadel’s future global headquarters at 1201 Brickell Bay Drive. The headquarters project, currently under construction, is planned as a mixed-use skyscraper spanning more than 1.7 million square feet, with the vast majority dedicated to office space. The development will also include restaurants and a private social club.
The latest acquisition further strengthens Citadel’s long-term commitment to Miami, where Griffin has steadily expanded investments since relocating the hedge fund’s headquarters from Chicago in 2022.
The move comes amid ongoing discussions about luxury real estate taxation in New York. Earlier this year, New York City Mayor Zohran Mamdani referenced Griffin’s $238 million Manhattan penthouse while promoting a proposed pied-à-terre tax aimed at generating additional revenue from high-value secondary residences.
The measure was approved last month despite opposition from parts of the business community, which argued that increased taxes could discourage investment and development activity in the city.
A spokesperson for Citadel stated that the company remains focused on commercial office development at its flagship Brickell project, emphasizing the headquarters tower’s role as a premier business destination.
Expanding Development Footprint
In addition to the apartment tower, Citadel plans to construct a parking facility containing approximately 1,420 spaces at 1221 Brickell Avenue. The garage is expected to support both the future headquarters complex and the proposed residential building.
Construction activity is already underway at 1201 Brickell Bay Drive. The tower is currently planned to reach 958 feet in height, a reduction from earlier proposals that included a hotel component and projected a height exceeding 1,000 feet.
Griffin purchased the 2.5-acre headquarters site in 2022 for a record-setting $363 million, marking one of the largest land transactions in Miami’s history. Shortly afterward, he acquired the neighboring 21-story office property for $287 million, where the planned parking structure will be developed.
With the acquisition of Solaris, Griffin now controls nearly the entire city block surrounding the headquarters development.
One notable exception remains a historic cottage preserved within the area. The building, which once housed Miami’s first physician’s office, is currently occupied by the Dade Heritage Trust and remains under city ownership due to its protected historical status.
Future Headquarters To Welcome Additional Tenants
During a recent industry conference, Citadel Chief Workplace Officer Paul Darrah revealed that Citadel expects to occupy roughly one-third of the future headquarters tower after its anticipated opening around 2030. The remaining office space will be leased to outside tenants.
According to company representatives, Miami’s business-friendly environment and the quality of the development are expected to attract leading global firms seeking premium office space in the city’s financial center.
Citadel has not publicly disclosed additional details regarding the apartment project’s design or construction timeline.
For now, Citadel and Citadel Securities continue to operate from 830 Brickell, a 57-story office tower completed in 2024.
The building recently achieved some of the highest office rental rates in Miami-Dade County after investor Peter Thiel’s family office leased more than 18,000 square feet of space at rates reportedly approaching $250 per square foot, highlighting continued demand for premium office properties in the market.
Source: Original reporting by Joshua S. Andino, CoStar News.
