Ken Griffin’s Citadel Continues to Purchase Land and Properties in Miami
With a record-breaking purchase on the South Florida waterfront months ago, Ken Griffin has officially moved the Citadel’s headquarters from Chicago to Miami at the 830 Brickell new construction tower.
Along with the move and the purchase of a private residence, Griffin and his company were responsible for the $363 million acquisition of a 2.5-acre (1-hectare) unoccupied land at 1201 Brickell Bay Drive. Since the transaction closed in April, the buyer was hidden behind a limited liability company with a mailing address in Chicago.
The company announced last week that it intends to collaborate with developer Sterling Bay to design and construct an office tower on Brickell Bay, which is located in the city’s economic district and spans less than a mile.
Another LLC purchased a 28-story office building at 1221 Brickell Avenue earlier this month for $286.5 million across the street from the 1201 Brickell Bay site, according to public papers. Randall Davis, who also acted in this capacity for the 1201 LLC, is the authorized signatory for the 1221 Brickell LLC. Emma Bass and Angela Cusumano, the witnesses in a 1221 Brickell filing, also work at Sterling Bay.
The relocation of Citadel by Griffin represents one of the largest financial company expansions in Florida. Developers in Miami applauded the decision and said it would encourage more businesses to look for space in the city. Among the companies that have grown in the state recently are Dan Sundheim’s D1 Capital Partners and Goldman Sachs Group Inc.
According to the Bloomberg Billionaires Index, Griffin, 53, just relocated to Miami with his family and has a personal wealth of $29.1 billion. He has recently expressed his dissatisfaction with the governmental leadership in Illinois and Chicago’s crime rate, although he has long been investing in real estate in Florida, where he was born and raised.
Over the past ten years, the millionaire has amassed property in Palm Beach that has cost at least $350 million. During the Covid-19 epidemic, some of Griffin’s traders fled their offices in Chicago and New York and took over the Four Seasons Palm Beach.
Griffin recently purchased a number of properties in the Miami area, including homes on the prestigious Star Island in the middle of 2020 and a $45 million mansion in the Coral Gables district in April. An individual with knowledge of the situation claims that he has had Citadel personnel assess the commercial real estate in the city for at least two years.
Plans for a 12 Story Tower in Surfside was Filed
This week, developer Multiplan of South Florida filed plans for a 12 story tower that will be located in Surfside.
The architect is listed as Arquitectonica with R Palace Surfside LLC as an additional development entity. The project is proposed to have 27 residential units with 71 parking spaces. There will also be a small number of 2 bedroom floor plans but will mostly consist of 4 bedroom layouts.
Proposed Amenities:
Rooftop pool
Steam room
Sauna
Fitness
R Palace Surfside LLC is managed by Vivian Diamond. Owner of Multiplan is José Isaac Peres who is responsible for 57 Ocean as well as multiple other projects in Rio de Janeiro.
On the current site at 9309 & 9317 Collins Avenue in Surfside is the Regent Palace condos. In June, the 34 unit condo building was deemed unsafe after a comprehensive engineering report that flagged the property as uninhabitable.
This building is 70 years old and required a number of updates as well as structural issues. The developer has already purchased 32 of the 34 units at the Regent Palace and terminated the land lease on the property.
Plans Submitted for a 2 Tower Fontainebleau Project
Fontainebleau Apartments II is a two-tower multifamily development of 10 and 19 stories that is planned to rise atop 4.03 acres of backfilled land in Fontainebleau, Florida. It was developed by the Miami Lakes-based real estate developer and general contracting firm LF Development through an affiliated entity referred to as Combo Group Holdings LLC.
The project, designed by Coral Gables-based Valle Valle & Partners, would include 600 residential units split between its two towers, 5,200 square feet of retail space, and 957 parking spaces, including 147 parking spaces for electric vehicles and 20 handicap spaces. The engineering team is made up of Solver Engineering, Zamora & Associates, and Fineline Engineers, Inc. The landscape architect is Witkin Hults + Partners.
The property itself spans 11.18 acres which is roughly 487,436 square feet with the property also backing to a lake. The lake/property is specifically located west of Northwest 87th Avenue, east of Northwest 97th Avenue, between State Route 836 Expressway to the north and West Flagler Street to the south. The developer is requesting to backfill 4.03 acres (175,480.00 square feet) of the lake/property to construct the multifamily project.
If approved, Fontainebleau Boulevard would front the recently filled in land and run directly between these neighboring thoroughfares. The developer is also requesting that the property’s designation be changed from Water to Medium-High Density Residential and that the zoning be altered from GU to RU-4.
These zonings and classifications surround the region, which is being used as leverage to support the zoning changes. The owner of the area where the buildings are planned to go up is indicated as Italo Campagna.
The site permits 50 dwelling units per acre, resulting in a total of about 560 dwellings. Additionally, the developer is including 36 workforce housing units (WHU) at a rate of 6 percent, allowing for a density increase of about 50 units.
Residential units would have floor patterns with one or two bedrooms. The combined floor area of the two buildings would be 691,497 square feet, and 75,480 square feet of the land would be used as private open space to surround the complex. Google Maps places the building at 9193 Fontainebleau Boulevard, almost exactly where the south tower’s entrance would be.
On July 28, plans for Fontainebleau Apartments II were submitted, although there was no mention of a requested application meeting time.
Demolition Permit Filed and Renderings Revealed for 710 Edge Tower
In October 2021, developers announced plans for a 55-story tower, 710 Edge that will be located in Edgewater. Months later the plans were approved by the Miami Review Board and now permits have been filed with new renderings attached.
The permit that was filed will allow total demolition of the site which would include several buildings that are currently on the property.
Two adjacent waterfront buildings were submitted on July 29th with one of the buildings as Harbor 29. A total of 16,000 square feet will be demolished costing the developers $151,000.
The second permit is for 530 NE 29th Street which totals 4,590 square feet estimating $25,250.
On both permits, Dade Wrecker Service is identified as the demolition contractor.
The projected height of 710 Edge is 55 stories, or 646 feet (649 feet) above sea level. 710 Edge will include 70 residential units, 193 parking spaces, 16,000+ sq. ft. of commercial and retail, a rooftop helipad, and a public baywalk.
Proposed by 710 Edge LLC, owned by Kevin Venger, Michael Konig, Louis Birdman, and Alex Posth were also a part of the development of One Thousand Museum. Sales have not yet been announced.
Approval Received for 87 Condo Tower in Coral Gables
A 16-story condo development by Location Ventures has officially been given the green light by the Coral Gables City Commission this past Monday.
Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue. According to the meeting, the project would cost over $350 million and with only 87 condo units, the average price per unit would be north of $4 million.
The new condo would have 319 parking spaces, 10,500 square feet of retail space, and 87 homes in its almost 500,000 square feet. The fourth story would have an amenities deck. A full board room for private meetings, as well as a spa with a steam room and sauna, were among the features listed by Kapoor. Along Mendoza Avenue, there would also be a public dog park located outside the building.
The majority of the condos would have three or four bedrooms, with a few one- and two-bedroom apartments. According to Kapoor, prices would start in the mid $1 million level or roughly $1,000 per square foot.
The site is mostly unoccupied, however, there is a 1925 structure that is 5,736 square feet in size which Location Ventures consented to refurbish and restore that structure so that it might house restaurants.
The owner of Location Ventures, Rishi Kapoor, plans to partner with a high-end luxury brand to market and design the property but no luxury brand has been named in the agreement documents.
Location Ventures anticipates starting construction in late 2023 and starting sales this fall.
Cipriani Residences Receives FAA Height Approval for 3 Tower Project
As the approval and permit process continues for Miami’s newest luxury tower in Brickell, Cipriani Residences is one step closer to construction.
The developers for Cipriani has just received approval for the height clearance for the 3 tower development with one tower at 80 stories, one at 60, and another at 50 stories. According to the Federal Aviation Administration, the tower is approved at 940 feet above ground or 950 feet above sea level.
The two rental towers have a maximum height of 693 feet above ground.
Cipriani Residences Miami, located at 1420 South Miami Avenue in Miami’s renowned Brickell area, which will represent the famous brand’s elegant design and exceptional service.
Mast Capital paid $103 million, marking this transaction as one of the largest in Miami-Dade in 2021.
Cipriani is currently working with Mast Capital and Arquitectonica to bring this luxury building to life. Not only will the tower feature luxury amenities, but each residence will offer custom finishes and gorgeous designs.
The project will features 1,300 residential units spreading over the 3 towers, 18,300 sq. ft. of restaurant space, and 1,600 parking spaces.
For this specific project, Mast Capital has partnered with a private real estate equity firm, Rockpoint, which will be responsible for the multifamily component. Mast Capital will be utilizing MSD and CanAm for financing. Arquitectonica is listed as the architect for the project.
The groundbreaking for this project is anticipated for Q4 of 2022 with a completion date in 2026.
New Renderings Revealed for Brickell Gateway Miami
Gazit Horizon in collaboration with Atlantic Pacific, has recently released new renderings for the 61 story tower, Brickell Gateway in Miami’s Brickell. The developers for Brickell Gateway tower are also waiting on the county planners for final clearance of the project.
Located at 90 SW 8th Street next to Brickell City Centre, will be the Brickell Gateway Tower. The 377,000 square foot project will bring residential units, office spaces, a hotel concept, and retail to the neighborhood.
The final submission to Miami-Dade on July 22 states that Brickell Gateway will rise 747 feet above ground and comprise the following:
18,287 sq. ft. of retail space located on the first 2 floors
348 parking spaces
504 residential units
The developers are taking advantage of the property’s position in a rapid transit zone, which enables assessment by county planners, rather than going through the City of Miami planners.
Gazit Horizons acquired the land in July 2017 for $29.5 million and March 1, 2021.
Demolition on the site has been completed and once approved, the groundbreaking will be scheduled for Winter 2022. Corwil is listed as the architect for this project.
Related Group Officially Breaks Ground on District 225
The Related Group officially breaks ground on the 37-story mixed-use tower located in Downtown Miami at 225 North Miami Avenue, District 225. The building will feature interiors by the Meshberg Group and rising to a height of 394 feet, will have 343 units.
Also known as ‘The District,’ this tower will enter the market for condos that allow easy short-term rentals through websites like Airbnb, Vrbo, and Flipkey.
Studio apartments start at 446 square feet, one-bedroom apartments start at 557 square feet, and two-bedroom apartments start at 778 square feet. Prices for the apartments begin at $352,000 for studios, $385,900 for one bedroom, and $573,900 for two bedrooms. Each unit will be completely equipped and prepared for rental.
Amenities:
Resort-styled rooftop deck with a pool and spa
Fire pit
Bbq and kitchen areas
Views of Downtown Miami and Biscayne Bay
full-height indoor basketball court
Regulation-size racquetball court
Rock climbing wall
Co-working spaces with multiple seating options
High-speed internet connectivity
Private meeting rooms
Conference room
State-of-the-art fitness center
The Related Group along with ROVR Development and BH Group have been working tirelessly on the sales ever since the launch of the tower in 2021. Since then the development has 100% sold out.
Since the groundbreaking just happened, the developers are anticipating 2 years to fully complete the tower with a target of 2024 completion date.
Renderings Revealed for Miami’s M Tower
In Downtown Miami, at 56 SW 1st St and 65 SW 2nd St, the 57-story M Tower is moving forward after construction plans were filed and renderings released by developers. The Miami Parking Authority and Downtown 1st Street LLC are collaborating on the creation of the M-Tower.
Last week, the developer filed the plans with the Urban Development Review board and those plans included some significant changes. The newly filed plans included a height increase from 49 stories to 57 stories.
The new plans also have an increase of 675 units, up from 404 apartments. There will also be 694 parking spaces in an 8-story podium connecting to a commercial space expanding 10,531 square feet.
Drive aisle, floor plans, and a parking reduction are among the zoning concessions that the developers are asking for.
Although an unlimited is permitted on the property, the Federal Aviation Administration would still have restrictions on the height.
Nichols Brosch Wurst Wolfe & Associates is listed as the architect. The next Urban Development Review Board meeting is scheduled for July 20th. If this new design is approved, construction would begin in Winter 2022.
