Hedge Fund Manager Ken Griffin is Moving Citadel Securities from Chicago to Miami
Another large corporation recently declared it would relocate its headquarters to Miami. Hedge fund manager and billionaire Ken Griffin said in a letter to his staff on Thursday that Citadel, his investment firm, will be moving to Miami after more than 30 years in Chicago.
“I am excited to share with you that Citadel is moving its global headquarters to Miami. Miami is a vibrant, growing metropolis that embodies the American Dream. I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy,” states Griffin’s letter to his staff.
Griffin acknowledged previous assistance from influential business and political figures and referred to Chicago as Citadel’s “amazing home” in the memo. However, he has claimed in other places that an increase in crime has made it more difficult for Citadel to recruit top talent, leading the company to increase its headcounts in other locations while decreasing it in Chicago.
Griffin stated in April, “If people aren’t safe here, they’re not going to live here. I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”
The new office building will be built “on Brickell Bay” and will be designed in collaboration with Chicago developer Sterling Bay. 1201 Brickell Bay Drive is one potential location. The site, the sole unoccupied property on the bay in Brickell, just sold for a record-breaking $363 million to an anonymous LLC with a Chicago address.
Griffin, the wealthiest person in the state, is also the most prominent philanthropist in Chicago, according to a Forbes estimate of his net worth at more than $25 billion.
He has given about $500 million to regional organizations and intends to contribute even more, but he is also well known for his large political contributions, including $50 million to Richard Irvin, a Republican candidate for governor.
The transfer of Citadel is anticipated to take several years. More than a thousand people work for the firms in Chicago, and while some are anticipated to stay, it is unclear how many.
Okan Group Officially Breaks Ground on 70 Story Okan Tower
On Friday, June 17, the community along with Miami notables gathered to witness the groundbreaking for Okan Tower, a new Downtown Miami megaplex with residences centered by a Hilton Hotel. The tulip-inspired design of Okan Tower, the largest Turkish investment in the United States, is a nod to the nation’s national flower.
This project will be Okan Group’s first development in the United States. Located at 555 North Miami Avenue, the 70-story Okan Tower, which will stand 902 feet tall, would rank among Miami’s highest structures. The tower has 64,000 square feet of “Class A” office space, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, 163 Sky Residences with special owners-only facilities, and a 316-key Hilton Miami Bayfront Hotel with a full suite of amenities and entertainment spaces, etc.
The Okan Tower was created by the eminent architecture company Behar Font & Partners, whose stunning façade curves were influenced by the tulip, the Turkish flag flower.
The Okan Group manages a large portfolio of renowned mixed-use projects that have given the company a worldwide reputation in the construction, banking, textile, production, and tourism industries, among others.
Mayor of Miami Francis Suarez, former Turkish Prime Minister Binali Yildrim, Turkish Ambassador to the United States Murat Mercan, Turkish Consulate of Miami Feyza Barutcu Altug, former Turkish Consul of Miami Burc Ceylan, Miami Police Chief Manuel Morales, Commissioner Ken Russell, and Fortune International CEO Edgardo Defortuna were among the dignitaries present for the groundbreaking
Amenities:
24-hour reception and concierge
70th-floor rooftop pool and sky deck with private cabanas
12th-floor lap pool with clubroom and lounges
State-of-the-art health and fitness center with yoga studio, Peloton bikes, and fitness MIRROR.
Sauna, steam, and treatment rooms
Children’s sensory and playroom
Theater
Wine cellar
Owner’s lounge
The completion date for Okan Tower is set to be complete in 2026. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Edgewater Tower Proposed by Aimco is Denied Approval
After a city of Miami board refused to recommend approval of Aimco’s plans for a luxury rental tower in Edgewater, the developer is determined to revaluate the development plans and come up with a solution to get these plans moving forward.
After identifying a number of “serious concerns” with the design, members of the Miami Urban Development Review Board voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower. Despite the board’s rejection, Aimco can still seek approval for the project.
The board was initially split on whether or not to recommend acceptance of the proposals with conditions, with three members voting in favor and three voting against. As a result, the developer can either withdraw its application and start the process all over again, or the board can vote to decline the recommendation, allowing the developer to submit amended plans to the planning director for final approval.
Aimco’s attorney, Tony Recio, a partner at Weiss Serota Helfman Cole + Bierman, said the developer is examining the board’s ideas and looks forward to “addressing their criticisms with the planning director” as the project moves further. Recio submitted the concept to the board of directors on Wednesday.
Though they praised the project’s overall design, board members expressed concerns about circulation on the ground level, including how residents and restaurant customers would access parking, apartments, and the restaurant, as well as loading and trash collection, landscaping, and an oversized mail room.
At 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, Aimco, a publicly traded multifamily real estate investment company located in Denver, has proposed a 60-story, 241-unit tower. On more than an acre of land, the construction would include a new parking structure and 4,700 square feet of commercial space for a restaurant on the bottom level facing the water.
Aimco has made a significant investment in Edgewater. It paid over $90 million for the Hamilton on the Bay rental complex, which is currently undergoing substantial renovations, nearly two years ago. A nearby vacant lot and a modest rental building were included in the purchase.
Following the cancellation of its tenants’ leases at the Hamilton last year, Aimco purchased premises across the street, where the new project would be built.
New Development Revealed- Surf Row Residences
Surf Row Residences, a new ultra-luxury residential property located at 8800 Collins Avenue in Surfside, is being developed by Lineaire Group, Miami-based real estate development, and investment firm.
Featuring a collection of eight private beach homes designed by award-winning firm Rene Gonzalez Architects (RGA), the development offers refined interiors, the utmost privacy, and unparalleled indoor-outdoor living adjacent to the beach. Only a few residences have been released and sales are currently by invitation only.
Through the careful use of skylights, layered glass, and double-height ceilings, each villa emphasizes the indoor-outdoor link. Three- to five-bedroom residences with 3,500-5,600 square feet of internal space are available. Each residence will feature almost 2,000 square feet of private outdoor living space, including a rooftop with a plunge pool, a summer kitchen, and a large gazebo. Each property will also include a private garage and a front yard that is enclosed. Prices start at around $5 million for a single-family home.
“Surf Row Residences provides buyers with an incredible opportunity to own a one-of-a-kind, exclusive villa, that lives like a single-family home given the sprawling layouts and private outdoor space,” said Alejandro Bonet, Partner at Linéaire Group. “Today’s buyers are seeking a blend of suburban space without sacrificing location, and we believe this development offers an exciting sense of both community and privacy that meets those demands.”
The 0.65-acre development property is located between Collins Avenue and Harding Avenue on 88th Street’s northern frontage. The property was purchased from the previous owner for $7.3 million by an associate of Lineaire Group in August 2021.
The plot of land is listed as 8809 Harding Avenue in property records, but the change to a Collins Avenue address is thought much more acceptable for marketing purposes.
Residence Features
European kitchen with custom-designed wood cabinetry, imported marble countertops, and professional-grade appliances
Large format coral stone flooring with natural wood inlay designs
Floating staircases made with cantilevered solid wood slabs & glass panel railings
Spa-inspired master bathroom furnished with a luxurious rain shower, oversized freestanding tub, and finished with imported fluted marble walls
Skylights flood the interior with natural light via a central light shaft spanning all levels
Rooftop with summer kitchen and plunge pool
Two-car indoor garages, plus one open-air parking space
Latest smart home automation by Savant
Top-of-the-line security system with exterior surveillance cameras
Private elevator
Service/laundry room Upgrades
Kosher kitchen
Elevator lift for additional parking
Interior surveillance package
The project is expected to begin construction in the spring of 2023 and with a completion date in 2024.
$110k Loss for Singer Trey Songz After Selling his Miami Condo
In 2017, singer and songwriter, Trey Songz purchased a condo in Miami’s Brickell Heights East for $1.09 million. In January 2022, Songz listed the unit for $1.2 million and ended up selling the unit in March for $980k to an undisclosed buyer.
The property itself features 2 bedrooms, and 3 bathrooms, with over 1,356 square feet. With 12-foot ceilings, floor to ceiling heigh impact glass windows, and a modern kitchen that opens to the living room.
These specific units showcase elegant entry foyers, wrap-around terraces, and custom bathrooms with designer porcelain tile. The bathroom rooms also feature porcelain tile and custom vanities.
Amenities for Brickell Heights East
Equinox Fitness Club & Spa with high-performance fitness programs
3,500 square foot SoulCycle studio
24-hour concierge
24-hour valet parking
Rooftop pool
9th-floor pool terrace with swimming and lap pools
Screening room
Two beautifully designed entertainment rooms available for private events
Kids’ playroom
WiFi access in all amenity areas
Songz previously purchased a unit in the same building in 2010 for $473k and sold it for $710k right before purchasing the second unit.
Trey Songz, whose real name is Tremaine Aldon Neverson, is an American songwriter, singer, record producer, and actor. Songz released his first album in 2005 with Atlantic Records, I Gotta Make It. One of Songz’s highest charting songs to date is Bottoms Up which featured Nicki Minaj. Songz has released a total of 8 albums.
Miami Officials Plan to Move Office Headquarters to Miami Freedom Park
Inter Miami CF’s new stadium may gain some new neighbors, including the City of Miami’s headquarters. Officials in Miami are looking at a contract to build the municipal administration offices at Miami Freedom Park, a large mixed-use redevelopment of a golf course near Miami International Airport. The MLS team’s stadium would be the site’s main attraction, but there would also be commercial development.
The plan to construct a new municipal administration headquarters has been in the works for more than five years.
City voters approved a referendum to lease the present municipal administrative headquarters in 2018. The current lease includes a 3.15-acre property along the Miami River at 444 S.W. Second Ave., to Lancelot Miami River LLC, a unit of Miami-based Adler Group. The developer intends to build a mixed-use development there.
The agreement also required Lancelot Miami River to construct a new municipal administrative facility of about 230,000 square feet with at least 610 parking spots. The city would fund the building with a special obligation bond, but Lancelot Miami River would be in charge of construction.
The city originally planned to build its administrative center on the 1.6-acre Lancelot Miami River property at 230 S.W. Third St. However, the agreement has not yet been formalized.
The City Commission then approved the lease and development agreement for Miami Freedom Park in April. A 25,000-seat soccer stadium, 1 million square feet of retail and commercial space, and 750 hotel rooms would be included in the project. The proprietors of Inter Miami would completely fund this project, and the location would require extensive environmental remediation.
This new building would take up around 1/4 of the commercial area at Miami Freedom Park.
The current designs for the municipal administrative building, according to David S. Adler, head of Adler Group, are for Miami Freedom Park. This would free up its 1.6-acre Miami River property to expand its mixed-use development.
In April, David Beckham won approval for a land lease for a Major League Soccer stadium in that same location.
Newest Wynwood Hotspot Features 2 Restaurants and a Nightclub
“Bad friends, Good Drinks & Expensive Taste,” that’s the Moto for Wynwood newest spot Burdo. Opened just north of Cerveceria La Tropical on North Miami Avenue, Burdo has a 2,700-square-foot dining room and a 4,000-square-foot outdoor terrace that, like so many other new Miami hot places, morphs from restaurant to late-night party location after dark.
The concept was developed by SinMente Group, a Colombian hospitality company that established a comparable venue in Medellin in 2014. Burdo was brought to Miami by SinMente in collaboration with Buenavista Investment Group. Burdo’s main menu features American fare such as bowls, pizzas, and burgers, as well as sushi rolls.
Green apple and cheese pizza ($20) with blue cheese, mozzarella, bocconcini, green apples in maple syrup, almonds, basil, and spinach; truffle grilled cauliflower ($20); and “Black Wings” ($28) with sesame seeds, chives, and black barbeque sauce are among the highlights.
However, that isn’t the only food available on the premises. Criminal Taqueria at Burdo is located on Burdo’s patio. Tacos aren’t illegal, so don’t be alarmed. Tacos, burritos, quesadillas, esquites, and elote bowls are served at the taqueria, which has a few chairs but is mostly meant for grab-and-go purchases. It has its own separate kitchen and serves tacos, burritos, quesadillas, esquites, and elote bowls.
The design of Burdo is just as exquisite as the menu! Mixing a modern yet reclaimed design makes for an inviting atmosphere. A white marble surfaced bar adorns the bar and tabletops with outdoor inspired wood chairs. Mixing with green vegetation, wood paneled walls, and black steel touches creates a unique look that will be an excellent side to your food.
Prices range from $4 to $13 per pound. At the taqueria, you can order a margarita or Michelada, or try Burdo’s more extensive cocktail menu, which includes mezcal-based drinks like La Parca and El Chingon, as well as specialty gin cocktails. Bottle service is provided after dark, when the high-tech sound and lighting systems come on.
Burdo is located at 2509 North Miami Avenue in Wynwood and they are opened from Wednesday to Sunday from 5pm to 3am. Don’t forget happy hour is from 5pm to 8pm.
540 Unit Tower Planned for Miami’s Art & Entertainment District
With plans for a 540-unit apartment skyscraper in Miami’s burgeoning Arts & Entertainment District, LCOR is making its South Florida development debut.
According to public documents, Pennsylvania-based, LCOR purchased 1.1 acres of land at 1775 Biscayne Boulevard from a corporation owned by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman. The location lies on the outskirts of Miami’s Edgewater district.
Webster Bank provided LCOR with a $33.4 million loan while Walker & Dunlop’s Keith Kurland and Michael Stepniewski represented them in the financing transaction.
According to the developer’s news release, LCOR has proposed a 40-story skyscraper with studios to two-bedroom apartments all equipped with stainless steel appliances, washers and dryers, and quartz countertops.
Amenities:
600 space garage
WiFi throughout the building
Gym
Rooftop pool deck
Outdoor patio
Grilling space
Tenant lounges
Co-working spaces
Conference spaces
Package retrieval services
14,000 square feet of ground-floor shops
The Silvermans initially planned a 53-story mixed-use skyscraper on the site with 444 residential apartments, 200 hotel keys, 45,600 square feet of commercial space, 64,500 square feet of office space, and a 546-parking garage through their V Downtown subsidiary. A Miami board approved the necessary exemptions for the construction in 2017, but the project was never completed.
LCOR’s first ground-up project in South Florida, according to the statement, but the business has been investing in the region and other Southeast regions for more than a decade.
According to its website, LCOR is a real estate developer, manager, and investor with a $9.5 billion portfolio of finished, under construction, and pre-development projects. The California State Teachers Retirement System, Ares Management, and PGIM are among its partners. LCOR’s CEO is Anthony Barsanti, and its senior vice president is Anthony Tortora.
Construction is anticipated to begin in early 2024 with completion in 2026.
70% Sold for Standard Residences
In November Rosso Development along with Standard International announced their collaboration on a development project in Midtown Miami, The Standard Residences. Now, the Standard has reached 70% sold in only 5 months.
Situated between the Design District and Wynwood, the Standard Residences will rise 12 stores and will feature 228 luxury hotel branded units curated by Urban Robot and Standard International. Arquitectonica is listed as the architect on the project.
The luxury units range from 432 to 965 square feet of living space with studio to two-bedroom floor plan options still available. Prices will range from $469,900 to $949,900
Price Breakdown
Studios starting at $469,900
1-bedroom starting at $699,900
1-Bedroom + Den starting at $809,900
2-bedrooms starting at $949,900
The units will feature cubby kitchens designed by Urban Robot, expansive 6′ deep terraces, and master baths with double showers. Unit owners will be able to rent their units for periods of up to 30 days with exclusive benefits to friends and family.
Amenities:
35,000 square feet of amenities
10,000 square feet of retail space
Expansive lobby with lounge areas and a cafe
Rooftop restaurant
Bar
60-foot resort-style pool
Sweat room and fitness center
Indoor pickleball court
Yoga and stretch studios
Karaoke bar
Pet Spa
Party room
Carols Rosso, owner of Rosso Development has stated that this is his first major development since he left the Related Group. Rosso hinted at additional Standard-branded residential projects in the pipeline.
Standard International, currently operates 16 hotels in the United States and across the world and owns a waterfront hotel on the Venetian Islands in Miami Beach named the Standard Spa.
The sales gallery is still under construction and is expected to be completed in June 2022. Construction on the actual tower has already started and the expected completion date is in 2023.
