Billionaire Ken Griffin, CEO of hedge fund Citadel, is nearing the final stage of his ambitious real estate consolidation in Miami’s Brickell financial district. The city is considering a $2.98 million sale of a historic 1905 cottage to an entity linked to Griffin, which would grant him control over an entire city block.
Key takeaways
- Griffin’s LLC is seeking to purchase the historic 1905 Jackson cottage for $2.98 million.
- The property is the final parcel required for Griffin to fully control the city block designated for his new Citadel headquarters.
- The building is currently leased to the Dade Heritage Trust, which has occupied the site since 1978.
- Citadel representatives have confirmed they are in active discussions regarding a long-term preservation plan for the historic structure.
The final piece of the puzzle
The 1,800-square-foot white wood-frame cottage, located at 190 Southeast 12th Terrace, represents the last missing piece of a massive real estate assembly. The building, which is listed on the National Register of Historic Places, previously served as the office and surgical center for Dr. James M. Jackson, Miami’s first resident physician. By acquiring this site, Griffin would finalize his control over the block stretching from Brickell Bay Drive to Brickell Avenue, a project that has already involved the acquisition of the Solaris condo tower and other significant commercial properties.
Preservation and community concerns
The proposed sale has sparked a complex debate regarding the future of one of Miami’s oldest surviving structures. The Dade Heritage Trust, which has maintained the cottage for decades, remains a key stakeholder in the transition. While the nonprofit has expressed a commitment to the building’s preservation, other local preservationists have voiced concerns over the lack of public discussion regarding the sale. The cottage is legally protected, meaning any future plans for demolition or relocation would require approval from the city’s historic preservation board.
Citadel’s growing Miami footprint
This acquisition is part of a broader strategy by Griffin to cement Citadel’s presence in South Florida. Since moving the company’s headquarters from Chicago in 2022, Griffin has invested over $1 billion in local real estate. His current development plans for the Brickell site include a 54-story office tower, a 300-unit residential building, and a parking garage. The project is designed to serve as a global hub for Citadel and Citadel Securities, marking a significant shift in the city’s corporate landscape as the firm continues to expand its influence across the region.
Sources
- Ken Griffin Wants to Buy Historic Miami House Near Citadel HQ, The Real Deal.
- Billionaire Ken Griffin could purchase historic Dr. James Jackson office in Brickell Miami, The Business Journals.
- Billionaire Ken Griffin wants to buy historic Brickell cottage, Miami Herald.