MIAMI | 1201 Brickell Bay Dr (Citadel HQ) | FT | FLOORS

[UrbanImpact]

Originally Posted by JMKeynes

I assume that this tower won't be very big. Miami doesn't really build 2m+ sf office towers. In fact, no US city other than NY does.

It has potential to be a big boy by being mixed use.

[JMKeynes]

Originally Posted by UrbanImpact

It has potential to be a big boy by being mixed use.

That’s true. I didn’t know that it will be mixed use. Hopefully, it will be amazing.

[chris08876]

I think it will be mixed use but also its feasibility will depend on how much Citadel plans on allocating to this new tower. If its a HQ, they probally will have an idea of how much square footage they need and will obviously instruct the tower designers/engineers with those parameters. Your risk will be higher if say this was a tower to cater to "X" tenants where "X" tenants have to be ascertained, so it will be easier as an HQ for a company that knows what it has in mind.

[Dale]

This is what I was talking about ... the international design contest which should be underway shortly ...

https://www.thenextmiami.com/interna...-office-tower/

[chris08876]

My bet is end of Q4. But yes they seem pretty aggressive in getting some plans in place. The amount of investment in the area is definitely a good sign.

I'd expect some trophy tower designs to be presented as Citadel is taking a dive at Miami and we could be looking at a signature tower. Will set the standard and hopefully usher others to follow.

[Altoic]

Billionaire Reveals New Details Of Brickell Supertall: ‘Nothing Will Compare’
https://www.thenextmiami.com/billion...-will-compare/

In addition to building a headquarters complex in Brickell, Griffin said he plans to lure major US businesses to Miami, boost education in the city, and become a huge player in philanthropy and politics here.

It is estimated to cost $1 billion
The tower height could exceed 1,000 feet
He wants to build retail and restaurants on the ground floor to bring foot traffic, similar to Brickell City Centre
A helipad, marina, and windows that open to Biscayne Bay are planned
It will be “iconic,” he said: “If it takes longer to fill the building, so be it. It’s more important to me to create the right environment to draw human capital that drives Citadel”
Griffin plans to personally pitch some of the most valuable US companies, including Apple, to fill the new tower
A computer science program could also be in the new complex, in partnership with a local university
Completion is expected in 5 or 6 years

Griffin said he has spent a lot of time walking around Brickell, which he said contrasts favorably with Chicago when it comes to safety.

Griffin has already donated $25 million to Miami philanthropic causes, and is ready to give more, as he did in Chicago.

[chris08876]

Full interview can be found here: https://www.bloomberg.com/news/featu...l-street-south

Potential super tall!

[chris08876]

Citadel Applies For Seawall Permit At Brickell Supertall Site

Citadel has submitted an application to build a seawall at their Brickell property where they are planning an iconic headquarters building.

The permit request was filed with Miami Dade’s Division of Environmental Resources Management.

In a September 22 letter from DERM to Citadel’s Gerald Beeson, the county requested additional details and drawings before it would approve the plan.

Among the requests: a coral relocation plan, and plans for riprap boulders to create a new habitat for invertebrates and small fish, while also protecting the seawall.

DERM also said it noticed various submerged debris, including metal, net, pile, and a sign which must be removed within 30 days.

The permit is not for vessel mooring; That request may come in the future under a separate permit.

Citadel is planning a $1 billion complex on the site, possibly rising above 1,000 feet. Ken Griffin, the billionaire founder of the company, has said that “nothing will compare” to the new tower.

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NXT

[colemonkee]

I hate it when people say "nothing will compare." Doesn't Ken Griffin know we'll literally compare it to every tower ever built?

[jackster99]

Originally Posted by colemonkee

I hate it when people say "nothing will compare." Doesn't Ken Griffin know we'll literally compare it to every tower ever built?

Usually I would agree with you, but in Ken Griffin's case, I bet it's not useless hyperbole.

He broke records buying the most expensive, lavish properties to ever hit the market in Chicago, NYC, London, and has spent $450 million so far buying up property to build the biggest house in Palm Beach. So if his personal real estate holdings are any indication, I bet his corporate headquarters will follow the same pattern.

I bet this tower is going to knock all of our socks off. He is probably envisioning this as the figurative Empire State Building of Miami.

[chris08876]

Could also be a stunner relative to anything currently present in Miami-Dade.

[chris08876]

Demo permit was applied for regarding 1250 Brickell Bay Drive. Property next to the empty parcel.


https://www.google.com/maps/place/12...!4d-80.1900783

[rivernorthlurker]

Interesting tidbit on saw on a message board about the Miami project...

https://www.thenextmiami.com/demolit...ed-by-citadel/

Citadel Transplant
1 month ago
The design is basically done for the new HQ, and Miami you will LOVE it! Naturally some will hate it, but KG doesn’t concern himself with that. Having been here now 3 months from Chicago, the 35 that are here love Miami!

[Altoic]

Off-topic but this design should be reused somewhere else, it's very sleek.

[Dale]

Seems like we should be seeing a rendering soon ? Seems like the design competition was announced months ago.

[chris08876]

JANUARY 31, 2023


Sterling Bay CEO Andy Gloor On Building Citadel’s New Miami HQ: https://commercialobserver.com/2023/...citadel-miami/

[JMKeynes]

https://www.thenextmiami.com/develop...ast-as-we-can/

From the February 1, 2023 edition of TheNextMiami.com:

"Griffin plans to personally pitch some of the most valuable US companies, including Apple, to fill the new tower."

Based upon the foregoing, Citadel clearly does not intend to occupy the bulk of this tower. Further, companies like Apple aren't going to lease large blocks of space in Miami.

Griffen is a genius, and he's not going to lose money. 350 Park will attract enormous demand. The prospects for this tower aren't so bright. I can see it being revised to contain 300k-500k of office space, and the rest will be hotel and condos.

[morganstier]

Soil testing

https://i.imgur.com/dTOS36A.jpg

[Dale]

^ okay then!

[chris08876]

Citadel Cuts Ties With Sterling Bay On Miami HQ Tower

Billionaire Ken Griffin’s hedge fund Citadel cut ties with Chicago developer Sterling Bay to build its new headquarters in Miami.

Citadel, which moved to Miami from Chicago, where it still has a large presence, is no longer working with Chicago-based Sterling Bay to build its planned $1 billion tower on Miami’s Biscayne Bay, Crain’s Chicago reported. Instead, Griffin’s firm will handle some of the work in-house and partner with another developer on the Brickell project.

Sterling Bay was involved in identifying Citadel’s properties in Miami and Palm Beach. It has also worked on permitting and soil testing for the planned new headquarters site at 1201 Brickell Bay Drive in Miami, according to Crain’s.

Last year, Citadel paid $363 million for the lot, plus another $20 million for the non-waterfront site at 1250 and 1260 Brickell Bay Drive. In the meantime, Citadel, which leases office space at Southeast Financial Center in downtown Miami, also signed a lease for space at the 830 Brickell office tower that is under construction.

Griffin told Bloomberg that its planned tower could rise more than 1,000 feet, on par with a number of other skyscrapers in the Miami pipeline. He also said it could be built in five or six years, though it will likely take longer.

Griffin, a Daytona Beach native, has paid more than $1 billion over the last decade for South Florida real estate.

That includes hundreds of millions of dollars worth of residential properties in Palm Beach, where Citadel will also have an office. Griffin also owns homes on Miami Beach’s Star Island, in Coral Gables and at the northern point of Coconut Grove, just south of the Brickell headquarters site. Griffin acquired the latter property from businesswoman and philanthropist Adrienne Arsht last summer for nearly $107 million.

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https://therealdeal.com/miami/2023/0...t-miami-tower/