A new tower is joining Miami's skyline. The Wall Street Journal first reported on multinational hedge fund Citadel's new headquarters, a 54-story building set to break ground next year. Citadel's founder, CEO, and owner of the most expensive home in US history, billionaire Ken Griffin, moved the company's base from Chicago to Miami two years ago due to Florida's corporate-friendly policies and high crime rate in Chicago. The project is expected to cost over $1 billion.

    The tower will be designed by Foster + Partners and will include a rooftop hotel and two restaurants among other features. The tower will measure in at 1.7 million square feet.

    Griffin filed plans for the mixed-use Miami project on Monday, according to the Journal. The development will not only include Citadel's new headquarters but also additional office space for lease to tenants, a rooftop hotel, a public waterfront terrace, two restaurants, and possibly a dock for hotel and restaurant patrons to enter directly from Biscayne Bay.

    The building will be 54 stories tall, and its design unifies various functions, enhances structural efficiency, and creates an elegant marker on the Miami skyline, according to Nigel Dancey, head of studio and senior executive partner at Foster + Partners. The facade draws on Florida's vernacular architecture, with a louvered shading system to create a comfortable internal environment while maximizing views from this amazing location.

    The project is not slated to be finished for a minimum of five years and still requires public approvals before it is formally greenlit. It is anticipated to cost more than $1 billion and will be located on Brickell Bay Drive, according to the Real Deal.