The Citadel founder just added 300 apartments and a 1,420-space garage to his Brickell headquarters plan. What a $1B anchor does to everything around it.
Ken Griffin is doubling down on Brickell again. The Citadel founder has revised his plan for the 2.5-acre site at 1201 Brickell Bay Drive, which he bought for $363 million in 2022, to add a 300-unit apartment building and a 1,420-space parking garage.
The centerpiece is still a 54-story, 1.7-million-square-foot office tower that will serve as Citadel's headquarters. Related Companies is co-developing the roughly $1 billion project. A 22-story condo across the street is slated for demolition, as reported by The Real Deal.
My read: when the most powerful man in finance keeps expanding his footprint in one neighborhood, that is a signal you can underwrite. A $1 billion headquarters with 300 new apartments does not just add a building, it adds thousands of high-earning workers who need somewhere nearby to live, eat and spend. That is a demand engine for everything around it.
Property near a project like this tends to re-rate well before the tower opens. The apartment addition is the tell: Griffin's team clearly sees residential demand strong enough to build into. If you are looking at Brickell, buying near the Citadel site is a bet on the anchor tenant, and the anchor here is about as strong as they come.
Griffin keeps betting on Brickell. See what is available around the $1B headquarters site.
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