Ken Griffin is advancing plans for a $1 billion headquarters tower for his Citadel and Citadel Securities in Miami’s Brickell

Rendering of Ken Griffin's Citadel HQ skyscraper with a hotel in Brickell, Miami

Foster + Partners Designing One of Miami's Tallest Towers

Billionaire Ken Griffin is moving forward with his plans to build a new $1 billion headquarters for his companies, Citadel and Citadel Securities, in Miami's Brickell neighborhood.

The architectural firm Foster + Partners is designing the project, which will be one of the tallest towers in Miami. The building will even include a luxury hotel on the top floors. Environmental testing for the construction has already begun. This progress comes almost a year after Griffin decided to no longer work with Sterling Bay, the original co-developer for the project. According to reports, Griffin was concerned about Sterling Bay's ability to complete the project.

Rendering of Ken Griffin's Citadel HQ skyscraper with a hotel in Brickell, Miami

Citadel HQ To Rise On Miami Waterfront With Record-Breaking Price Tag

The new headquarters will be built on a 2.5-acre plot of land on the waterfront at 1201 Brickell Bay Drive. Griffin purchased this land for a record-breaking $363 million in 2022. There are height restrictions due to Federal Aviation Administration regulations, so the building will not be able to exceed 1,049 feet.

Griffin, who is originally from Florida, moved the headquarters of Citadel and Citadel Securities from Chicago to Miami in 2022. Until the new building is finished, employees are working in temporary office spaces. Some of these temporary locations include leased space at the Southeast Financial Center downtown and the future 830 Brickell tower, which is still under construction in the Miami financial district.

Griffin's investment in South Florida goes beyond just commercial properties. He has also been buying residential real estate. In Brickell, he purchased the 1221 Brickell Avenue office building in 2022 for $286.5 million. That same year, he also bought an apartment building and a vacant lot next door on Brickell Bay Drive for a combined $20 million.

South Florida Booming as Businesses Choose Lower Taxes

The influx of major corporations like Citadel choosing South Florida for their headquarters is having a significant positive impact on the region. The construction of these large-scale projects creates thousands of jobs in the construction and related industries. Once complete, the new office spaces will provide a modern and attractive environment for businesses to operate, further attracting a talented workforce to the area. Additionally, the employees of these companies will contribute to the local economy by spending their salaries in restaurants, shops, and entertainment venues. South Florida's reputation as a vibrant and attractive place to live and work is certain to be solidified by this trend of major companies relocating to the Sunshine State.