The Citadel CEO owns a 4-acre site in Miami, but not a 22-story condo there. Now someone has been amassing units.
By Deborah Acosta | Photographs by Martina Tuaty for WSJ | Nov. 18, 2024 5:30 am ET
Summary:
The article “Ken Griffin and the Big Miami Real-Estate Mystery” by the Wall Street Journal is not freely available, but I can provide a summary based on other sources reporting on the same topic:
Ken Griffin, CEO of Citadel, owns a 4.2-acre site in Miami’s Brickell neighborhood where he plans to build Citadel’s new headquarters. However, a 22-story condominium building called Solaris at Brickell Bay stands in the middle of this site.
Over the past two years, nearly half of the 141 units in Solaris have been purchased by similarly named Delaware LLCs, sparking speculation that Griffin may be behind these acquisitions. These purchases have been made in all-cash transactions, with recent units selling for around $750,00.
The buyout strategy is significant because if a buyer acquires 80% of the units, they can potentially force the remaining owners to sell, paving the way for redevelopment. This approach is increasingly common in Miami due to the scarcity of available waterfront parcels.
Residents of Solaris have grown suspicious, with one noting that Citadel’s head of real estate viewed their LinkedIn profile[8]. The condo association recently passed a $2 million assessment for repairs, which some residents believe might be a tactic to pressure owners to sell.
Griffin’s spokesman has declined to comment on the matter, leaving the identity of the mystery buyer unconfirmed. If Griffin is indeed behind these purchases, it could allow for further expansion of his planned development, which includes a 54-story tower with offices, a hotel, and restaurants.
Read the full article from the Wall Street Journal Here
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