The hedge fund Citadel has finally presented a real estate project for its property at 1201 Brickell Bay Drive.
Representatives of the $51 billion fund submitted a real estate project to the Miami-Dade County office, which includes a tower designated for office space, a hotel, and shopping, along with a health center and a gym, as reported by the local press.
Neisen Kasdin, co-managing partner at the law firm Akerman in Miami, filed the application on Friday to meet with county officials and discuss the approval process for developments within a rapid transit zone. This regulation, managed by the county, allows for higher density and reduced parking requirements for projects near transit stops, according to Bisnow.
The firm moved its headquarters from Chicago in 2022 after its founder, Ken Griffin, relocated to South Florida.
Citadel spent a then-record $363 million in April 2022 to acquire the more than 10,000-square-meter waterfront site in Miami’s financial district. The hedge fund purchased the property through a Chicago-based entity.
“I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in such a diverse and vibrant city,” Griffin wrote to employees in 2022, announcing the move in a note reported by the international agency Reuters.
The firm employs around 4,000 people in 17 offices worldwide, with 1,000 working at its Illinois headquarters.
Citadel executives have expressed concerns about crime in Chicago, Reuters reported.
