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

[dave8721]

Developer sells the lot. Who knows what the new owner (a Houston developer) will have in store.
https://therealdeal.com/miami/2022/0...r-record-363m/

Waterfront Brickell development site of planned supertalls sells for record $363M

A waterfront development site in Miami’s Brickell traded for a record price of $363 million.

An affiliate of Florida East Coast Realty, led by Tibor Hollo and his family, sold the empty lot at 1201 Brickell Bay Drive to a Delaware company.

A Florida LLC with the same name as the buyer was created this month and is managed by Randall Davis with a Chicago address. It’s unclear if the buyer is Randall Davis, the prominent Houston developer who leads Randall Davis Company. The firm did not immediately respond to a request for comment.

The 2.5 acre property sold for $3,340 per square foot, or about $145 million per acre.

[chris08876]

Credit: https://imgur.com/s0vzqz6

[rivernorthlurker]

Originally Posted by chris08876

Credit: https://imgur.com/s0vzqz6

Where are these from? Are these new?

[chris08876]

^^^

Recent new renderings from ODP.

[Urbannizer]

For Miami’s sake I hope it’s not Randall Davis.

[rivernorthlurker]

Originally Posted by chris08876

^^^

Recent new renderings from ODP.

Awesome thanks. I absolutely love this design. Miami will be giving Dubai a run for it's architectural money if some of these proposed supertalls come to fruition.

For ref: https://www.odparchitects.com/project-1201

Originally Posted by Urbannizer

For Miami’s sake I hope it’s not Randall Davis.

Yes please just go with this design.

[Altoic]

Ken Griffin’s Citadel Announces Plans To Move To Miami, Develop HQ Office Tower
https://www.thenextmiami.com/ken-gri...-tower-coming/

The new office tower will be designed in partnership with Chicago developer Sterling Bay, and will located “on Brickell Bay.”
One possible location: 1201 Brickell Bay Drive. The site is the only vacant property on the bay in Brickell, and recently sold to an LLC with a Chicago address for a record-shattering $363 million.

Construction of the new HQ will be a multi-year process, but many Citadel employees have already moved to Miami, including Griffin himself.

“I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy,” Griffin wrote.
Griffin’s donations to educational, cultural, medical and civic organizations in the Chicago area total over $600 million, according to a spokesperson, including a $125 million gift to the Museum of Science & Industry.
His company and its employees have also been significant contributors to the tax base in Chicago and Illinois.
Griffin has previously criticized the high crime rate in Chicago.

[chris08876]

Positive news. Many folks are moving to Miami. Incredible boom we are seeing at the moment.

[bobdreamz]

Originally Posted by Urbannizer

For Miami’s sake I hope it’s not Randall Davis.

Could you please tell us why not?
I'm not familiar with him at all.

[Dale]

Why do you suppose that Citadel is targeting this and not the Ross project ?

[Hudson11]

Originally Posted by Dale

Why do you suppose that Citadel is targeting this and not the Ross project ?

A couple of reasons, as the articles specify. First and most importantly, Citadel is teaming up with a different developer, Sterling Bay. Second, an anonymous Chicago LLC bought the site (Chicago being the current world HQ location for Citadel) and third that it would be "on" Brickell Bay. While that would be technically correct for Related and Swire's tower, this site sits directly on the Bay, while One Brickell City Center is deeper into the financial district.

Originally Posted by chris08876

NXT

[Dale]

Originally Posted by Hudson11

as the article specifies an anonymous Chicago LLC bought the site (Chicago being the current world HQ location for Citadel) and that it would be "on" Brickell Bay. While that would be technically correct for Related and Swire's tower, this site sits directly on the Bay, while One Brickell City Center is deeper into the financial district.

Makes sense.

[UrbanImpact]

Well the views will be gorgeous and unobstructed for whatever goes up on this site.

[JMKeynes]

Although Miami will be the “HQ,” I wonder how much space they’ll actually occupy. I wouldn’t be surprised if it’s a fraction of what they plan to occupy in NY. It seems that KG is interested in being a development partner in new towers in NY and Miami. When Chi was the “HQ,” NY was the de facto HQ.

[Altoic]

Citadel Has Spent Up To $650M Buying Brickell Properties Since April: Report
https://www.thenextmiami.com/citadel...-april-report/

Ken Griffin’s Citadel has spent up to $650 million since April buying properties in Brickell, according to Bloomberg.
Citadel was behind the $363 million purchase of 1201 Brickell Bay Drive in April, the news outlet reported, citing people familiar with the matter who asked not to be identified.
In addition, Citadel may be behind the purchase of a 28-story office tower at 1221 Brickell Avenue, the sources said. That sale closed this month for $286.5 million.

In addition, witnesses on the 1221 Brickell filing are said to be employees of Sterling Bay, which Citadel is working with on new office space.
Before the two purchases, Citadel had reportedly been look for 200,000 to 300,000 square feet of office space.
The seller of 1201 Brickell Bay Drive was an affiliate of Florida East Coast Realty.
FECR’s Jerome Hollo told the website that he did not know who the buyer was. Hollo said his company had been excited to develop the property, but could not refuse such a high offer.

[bobdreamz]

Originally Posted by Altoic

Citadel Has Spent Up To $650M Buying Brickell Properties Since April: Report
https://www.thenextmiami.com/citadel...-april-report/

"The seller of 1201 Brickell Bay Drive was an affiliate of Florida East Coast Realty.
FECR’s Jerome Hollo told the website that he did not know who the buyer was. Hollo said his company had been excited to develop the property, but could not refuse such a high offer."

I don't believe that for a minute! The Hollo family has always been a bit secretive.

[Hudson11]

it's happening. This will be Citadel's new world HQ. Hopefully it will be a supertall, although it doesn't need to be with the immediate bay frontage. It would be amazing if they retained the twin Foster towers having one tower for their HQ and the other for condos or luxury apartments and a hotel.

[Zerton]

It's fun seeing those Foster design motifs surrounded by palm trees in Miami. I'm so used to seeing his buildings in NY or London.

[rivernorthlurker]

Originally Posted by Hudson11

it's happening. This will be Citadel's new world HQ. Hopefully it will be a supertall, although it doesn't need to be with the immediate bay frontage. It would be amazing if they retained the twin Foster towers having one tower for their HQ and the other for condos or luxury apartments and a hotel.

Hopefully. Ken is definitely the type to want to make a statement.

[chris08876]

We will have to factor in the investment too. If someone is spending that much capital, they've probally figured out that its a worthwhile investment. These are leading investors, not some penny stock firm out of a small garage in Bosnia.

Good things will yield from those investments. Think of it like this as a translation to NYC terms... if Extell buys some crappy low-rise for 100 million, you can bet that something good will rise on it to make up for the initial costs and net a nice return. These are not dummies making these investments. So I think we should be optimistic for this parcel in Brickell.

I suppose the next question is if others will follow suit. If others see the vision in Miami-Dade, to fuel the region and commit to it. If so... we will be seeing a lot of cool developments in the pipeline.

Given the general pro-growth attitude here bar some of the single-family home suburbs versus transit, looks promising.