Ken Griffin Buys Historic Miami Cottage for $3M

Billionaire hedge fund manager Ken Griffin secured control of a full city block in Miami's Brickell financial district after the City of Miami Commission unanimously approved the sale of the historic James Jackson Cottage site for nearly $3 million. The transaction includes the land beneath the cottage, originally built in 1905, which has served as the headquarters for the Dade Heritage Trust, a historic preservation nonprofit. As part of the agreement, Griffin's company, Citadel, will gift the cottage to the Dade Heritage Trust and cover its relocation and maintenance costs. This acquisition is part of Griffin's broader plan to construct a 54-story global headquarters for Citadel in the area. Over the past several years, Griffin has been systematically acquiring properties along the same stretch of Brickell. In 2022, he purchased a 2.5-acre property at 1201 Brickell Bay Drive for $363 million. Earlier in 2024, he acquired the Solaris condominium property, reportedly for $125 million, after buying individual units. His development plans involve demolishing existing structures to create a live-work complex featuring 300 new apartments, a 1,400-unit parking garage, restaurants, and a public waterfront terrace. Citadel Chief Workplace Officer Paul Darrah stated that Griffin initially considered building a luxury hotel but opted for additional office space instead. Griffin relocated Citadel's headquarters from Chicago to Miami in 2022, citing Florida's favorable business environment and tax advantages, while criticizing Chicago's crime rates. He joins other business leaders who have chosen to establish operations in Florida.