B
illionaire Ken Griffin is teaming up with Related Companies to build a $1 billion-plus headquarters for Citadel in Miami. The 54-story mixed-use tower, designed by Norman Foster's firm, will feature office space, hotel rooms, fine dining restaurants, and open spaces on a bayfront site at 1201 Brickell Bay Drive. Griffin has built a significant South Florida portfolio worth over $1 billion, with Related CEO Jeff Blau and President Bruce Beal Jr. leading the co-development effort.

    The Citadel project will have 1.3 million square feet of office space on its lower floors, while the upper floors will house 212 hotel rooms. The tower's amenities include a health/spa area and fine dining restaurants with 915 seats. Foster has previously worked with Related on the 50 Hudson Yards project in New York.

    Griffin acquired the property for $363 million from Florida East Coast Realty in 2022, around the same time he moved his firm to Miami from Chicago. He also purchased adjacent properties for $20 million and plans to develop an office building and residential tower there. Citadel initially partnered with Sterling Bay but parted ways with them in 2023.

    Related Companies has previously collaborated with Swire Properties on a mixed-use supertall building, One Brickell City Centre, although this joint venture is currently inactive. The new partnership between Griffin's Citadel and Related Companies will bring an iconic tower to Miami's skyline, according to a Citadel spokesperson.