Ken Griffin’s $63 billion hedge fund, Citadel, plans to build a 54-story glass skyscraper on Biscayne Bay, reshaping Miami’s skyline. The new headquarters, which Foster + Partners designed, is a component of Citadel’s larger plan to shift its base from Chicago to Miami. This decision is widely considered a significant victory for the developing financial industry in Miami.
The proposed tower, one of Miami’s highest structures, would be at 1201 Brickell Bay Drive and is anticipated to rise to 1,032 feet. A 212-room rooftop hotel and 46,750 square feet of open space, including a public waterfront terrace, will occupy the remaining portion of the project’s roughly 1.7 million square feet, with 1.2 million of that area devoted to offices. The terrace will improve public access to the seaside by connecting the baywalk in the Brickell district.
As the project proceeds through the county’s approval process, the plans on file with Miami-Dade County could be altered. It is anticipated that construction on the tower, also known as the first phase of Citadel’s new headquarters, won’t begin until the following year. In addition, the project will incorporate stormwater management systems, flood-proof doors, and seawalls to solve the issues brought by the tower’s proximity to the ocean.
The project is being consulted by Gattuso Development Partners, a Philadelphia-based firm, while AAI Architects is the architect of the record. The proposal also involves Field Operations, the landscape architects responsible for Miami’s Underline, and Kimley-Horn and Associates, an engineering firm.
The emergence of supertall skyscrapers, or structures 984 feet or above, around Miami is reflected in the design of Citadel’s new headquarters. When completed, 1201 Brickell Bay will be among the neighborhood’s highest structures, alongside JDS Develoment’s Dolce & Gabbana Tower and Fortune International’s Ora by Casa Tua. With a height of 1,049 feet, PMG’s Waldorf Astoria Hotel & Residencies, presently under development in downtown Miami, is expected to be Miami’s first supertall tower.
In a statement to CoStar News, the spokesperson said, “The tower will redefine the Miami skyline and further solidify this dynamic and vibrant city as a global destination for talented professionals and their families, businesses, and culture.”
Declared in 2022, Citadel’s move to Miami has dramatically increased the city’s financial clout. Griffin attributed the decision to Miami’s pro-business atmosphere and Chicago’s public safety worries. Citadel has aggressively grown its Miami real estate portfolio since the announcement, acquiring many significant properties in the Brickell neighborhood.
Citadel purchased one of the area’s last remaining underdeveloped beachfront lots, a 2.5-acre plot at 1201 Brickell Bay Drive, for $363 million in April 2022. The following action was the $287 million acquisition of a 21-story structure across the street, which would house the parking garage for the new skyscraper. In addition, Citadel paid $20 million in August 2022 to purchase a modest apartment complex at 1250 Brickell Bay Drive.
Currently, Citadel occupies four floors at the Southeast Financial Center, less than a mile north of the development site in downtown Miami. This location serves as a temporary headquarters while construction of the new tower is underway. Citadel also plans to occupy eight floors at 830 Brickell, the first office tower developed in Miami in over a decade, when it opens later this year.
Nigel Dancey, head of the studio and senior executive partner at Foster + Partners, said, “The tower’s tapered form unifies its various functions, enhances structural efficiency, and creates an elegant marker on the Miami skyline, An environmentally responsive facade draws on Florida’s vernacular architecture, with a louvered shading system to create a comfortable internal environment, while maximizing views out from this amazing location.”
