- Citadel’s Miami skyscraper is now projected to cost $2.5B, up from earlier estimates of just over $1B.
- The cost jump reflects construction inflation and a more expansive project scope, including a hotel component.
- Despite rising costs, CEO Ken Griffin says demand won’t be an issue, citing Miami’s lack of high-end office space.
A Tower Fit For A Financial Empire
Citadel’s planned tower in Miami’s Brickell district is taking shape as a statement project — and a costly one, reports Bloomberg. Founder Ken Griffin now expects the development to cost about $2.5B. He attributes the increase to rising construction costs and an expanded project scope.
More Than Just Office Space
The tower, planned for 1201 Brickell Bay Drive, will rise 54 stories and offer roughly 1.7M SF of mixed-use space. About 413K SF will be reserved for a hotel occupying the upper floors — a notable addition to the original concept. Groundbreaking is currently targeted for the second half of 2025.
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Griffin’s Miami Bet
Griffin, who moved Citadel’s headquarters from Chicago to Miami in 2022, continues to back South Florida as a rising financial hub. He told attendees at a recent Citadel Securities conference that he’s not concerned about filling the tower: “If we build it, they will come.”
He emphasized Miami’s shortage of Grade A office supply as a key market gap the project will help address.
Why It Matters
At $2.5B, Citadel’s tower would be one of the most expensive private office developments in the country. It also represents a high-stakes bet on Miami’s continued rise as a hub for finance, technology, and global investment.
