K
en Griffin, the 56‑year‑old Citadel chief, is planning a private megayacht marina in Miami Beach. The project, dubbed One Island Park, will cover 3.71 acres at the tip of Terminal Island, a prime docking spot between South Beach and Port Miami. The marina will span more than 30,000 sq ft and include three to six parking bays for Griffin’s Peter Marino‑designed superyacht and those of his affluent guests, as well as 24/7 staff facilities. The site is also slated to host occasional events such as Art Basel and the Formula One Miami Grand Prix.
Griffin moved his home and Citadel’s operations to South Florida in 2022, leaving Chicago for the region. He already owns over $1 billion of South Florida real estate, and industry insiders say the influx of ultra‑wealthy buyers like him has reshaped the market. “Whenever people think South Florida real estate is running out of steam, there’s another article that comes out with another great Ken Griffin push,” says Miami‑based consultant Cyril Bijaoui. “I think he’s part of the reason why Jeff Bezos is down here.”
A Florida native born in Daytona Beach, Griffin grew up in Boca Raton. His father worked on the Apollo space program, and Forbes estimates his net worth at $50 billion. In addition to the marina, Griffin is developing a 20‑acre Palm Beach mega‑estate for his mother, valued at $1 billion and slated to become one of the world’s priciest homes. He also purchased a 4‑acre Coconut Grove estate for $106.9 million in 2022, breaking the Miami‑Dade sales record, and has acquired seven properties on Star Island for roughly $169 million since 2023.
Citadel’s new headquarters will occupy a 1.3‑million‑sq‑ft supertall on Brickell Avenue, bought for a record $363 million in 2022. The project’s cost has risen to about $2.5 billion due to inflation, according to a Citadel spokesperson. The Terminal Island marina was bought through an LLC for $77 million in 2023; the site was originally slated for a 100,000‑sq‑ft office complex by the Related Group. Griffin’s plan is pending city approval in early November.
The marina’s design, by BMA Architects, includes four buildings totaling nearly 37,000 sq ft: a guardhouse, an operations building, an owner’s pavilion with an office, pool, pickleball and padel courts, and a staff pavilion featuring a gym, sauna, and rooftop pool. The site will also accommodate 11 cars in addition to yacht berths. The deep‑water location near the port makes it ideal for large vessels, a point Bijaoui emphasizes: “It’s near the port, which obviously supports gigantic cruise liners and cargo ships. I don’t know where else you could do it.”
Miami broker Devin Kay notes that reactions to the marina are “go figure.” “People just don’t really get surprised by this kind of stuff anymore,” he says. Kay believes the marina will enhance Miami’s luxury scene, even if it remains exclusive.
Griffin’s real‑estate activity has spurred a rush among other ultra‑affluent buyers to assemble properties in high‑end neighborhoods. Kay explains that many are looking for more space or long‑term exclusivity that can’t be replicated elsewhere. The trend began in 2020 and has continued, with Griffin’s record purchases and the presence of other billionaires like Jeff Bezos and Russian developer Vladislav Doronin further fueling demand.
In summary, Ken Griffin’s One Island Park marina will transform Terminal Island into a private nautical hub, complementing his extensive portfolio of South Florida properties, including the Palm Beach mega‑estate, Coconut Grove, Star Island holdings, and the new Citadel headquarters. The project reflects Griffin’s long‑term commitment to Miami and the broader shift toward luxury real‑estate development in the region.
