The buyer behind the last remaining prime water front development site in Brickell, 1201 Brickell Bay Drive, has been revealed to be Citadel, a multinational hedge fund and asset management company led by CEO Ken Griffin. The 2.5-acre site sold for a record-breaking $363 million back in April 2022, but the buyer’s identity was hidden behind a Chicago-based limited liability company. Miami-Dade County property records now show the site was sold by TWJ 1201 LLC, an entity linked to Tibor Hollo’s Florida East Coast Realty (FECR), to 1201 Brickell Bay LLC. Hollo paid $15,500,000 for the site nearly 22 years ago, yielding an approximate 2300% profit.
Prior to the sale of 1201 Brickell Bay Drive, FECR spent years planning the development of The Towers by Foster, an interconnected twin-towered supertall mixed-use skyscraper that would have risen 1,049-feet and contained 660 ultra-luxury residences, and a pedestrian plaza with shops, restaurants, and art galleries. The Hollo family intended on building the ambitious project, but could not pass up on the deal considering what they had paid for it over two decades ago. The former project’s name was derived directly from the design architect, Foster + Partners, and was designed with ODP Architecture & Design as the architect of record. There would have been an estimated 1.8 million square feet of space.
The Towers by Foster at 1201 Brickell Bay Drive. Credit: ODP Architects.
The Towers by Foster at 1201 Brickell Bay Drive. Credit: ODP Architects.
The Towers by Foster at 1201 Brickell Bay Drive. Credit: ODP Architects.
Other plans that had been proposed for the site dating back to 2006 went under the name Villa Magna Condominium Complex, which would have comprised two 574-foot-tall towers of mixed-uses including residences, hotel spaces and retail spaces. The project was designed by the Corradino Group, and had even been approved by both the City Council and the FAA, but was ultimately halted due to the financial crisis of 2008.
Villa Magna Condominium Complex. Designed by Corradino Group.
Citadel also just announced the acquisition of a 28-story office tower across the street from the vacant site at 1221 Brickell Avenue for $268.5 million. In total, the firm has spent nearly $650 million between both properties, which coincides with Griffin’s decision to move Citadel’s headquarters to Miami. Rockpoint was the seller, who purchased the property for $155 million in 2017 and renovated it in 2020.
Exterior of 1221 Brickell Avenue. Credit: Rockpoint.
It’s unclear if Citadel plans on utilizing the previous plans or a modified version of them for 1201 Brickell Bay Drive, but the firm is reportedly teaming up with Chicago-based developer Sterling Bay to develop an office tower fronting Biscayne Bay. With the purchase of 1221 Brickell Avenue, it is possible that employees may move there while the new office tower is built. Considering the sheer size of the The Towers by Foster, Citadel will likely take advantage of the dimensions of the lot and ceiling height of 1,049-feet to building a grand supertall tower, which would be to no surprise with Ken Griffin at the helm of the firm.
Streetview of 1201 Brickell Bay Drive. Photo from Google Maps.
3D aerial view of 1201 Brickell Bay Drive. Photo from Google Maps.
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I personally really like the Towers by Foster design but I am sure that whatever Mr. Griffin builds there will be monumental as he is obviously a heavy hitter and wants the very best in what he is involved with.
Agreed! Griffin will want a monumental tower here for sure.
if they want to have a bay view for an office building, take over the AKON building two blocks over, and leave 1201 for condo building… no one wants more traffic on brickell bay drive due to offices being built….