Citadel Doubles Down on Miami Campus After Manhattan Tax Clash
Ken Griffin filed updated plans for his Brickell district development on May 13, replacing a hotel component with additional office space and adding a 300-unit apartment building and 1,420-space parking garage. Griffin has also acquired all units in the 22-story Solaris condominium tower across the street and will demolish it to make room for further expansion. The revisions cover roughly five acres spanning two blocks in Miami’s Brickell financial district.
Griffin publicly vowed to expand the Miami project after New York Mayor Zohran Mamdani featured the billionaire in a May video promoting a second-home tax on the wealthy. Citadel COO Gerald Beeson circulated an internal memo calling Mamdani’s move “shameful,” and the clash raised questions about Citadel’s planned Manhattan office tower. Griffin told colleagues the incident made clear the firm needed to “double down on our bet in Miami.” A Citadel spokesperson said the development “will drive the tenancy of leading global firms, including Citadel and Citadel Securities.”
Griffin moved Citadel’s headquarters from Chicago to Miami in 2022 and has since spent roughly $700 million on commercial properties in Brickell, plus hundreds of millions more on personal real estate across South Florida. He now employs about 500 people locally and has donated hundreds of millions to hospitals, schools, and urban development projects in the state. The only property blocking his control of the entire block is a city-owned 1905 building housing the Dade Heritage Trust, a preservation organization.
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