Ken Griffin

Historically, a citadel protects a city. Ken Griffin, the finance mogul who is the owner of one of the world’s most successful hedge funds —  the aptly named Citadel — has offered protection to the real estate development world of Miami. 

Three years ago, as part of relocating his hedge fund Citadel and its sister company, market maker Citadel Securities, from Chicago to Miami, Griffin made bold real estate acquisitions. He paid a record $363 million for a vacant, 2.5-acre waterfront site in Miami’s financial district in Brickell as well as $287 million for a 26-story office building across the street.  

Those moves are now coming to fruition.

Griffin, who’s worth an estimated $45 billion, has tapped the architecture firm of world-
renowned architect Norman Foster to design the 54-story tower and hired real estate heavyweight Related Companies to build it.

The 1.7 million-square-foot development, which is scheduled to break ground in the third quarter of this year, is set to include 1.3 million square feet of office space, a 212-room hotel and 23,600 square feet of retail (and maybe even a marina — it’s in Miami, after all). 

Griffin’s real estate ambitions look to be expanding, too. A mysterious, deep-pocketed buyer has been snapping up units at the condo building that neighbors Griffin’s office building. While Citadel representatives have declined to comment on whether Griffin is the buyer, a buyout would grant Griffin control of two adjacent blocks in Miami’s coveted financial district, setting the stage for perhaps even more development.

Griffin’s influence goes well beyond the boardroom. He bankrolled the successful re-election of Miami-Dade County Mayor Daniella Levine Cava, a Democrat, and has been one of the biggest donors to the Republican Party, which now controls the federal and Florida governments.