Citadel Chief Executive Ken Griffin owns the four-acre development in Miami’s financial district. It has three parcels that it reportedly spent $669.5 million to buy. On one parcel, he is building a 54-story glass tower that will be the headquarters of his investment firm. It is believed to include offices, a hotel on the upper floors, restaurants, and perhaps a dock. When he first proposed the project two years ago, it was estimated to cost $1 billion.
But in the middle of the unusual site sits a 22-story condominium tower called Solaris — and someone is secretly buying individual units in the building, in all-cash purchases. The Wall Street Journal.
Citadel isn’t the only company making the jump. Wall Street South seems to be in its grip. JP Morgan Chase and Goldman Sachs recently doubled their office space in Miami, expanding its potential to become a one-stop financial center. And it just so happens that the center of American politics is not so far away.
The mystery shopper, or shopper, per Journalcan only be identified by Delaware-based limited liability companies. So far, the LLC has bought about half of the units in Solaris over the past two years, the publication reported. Once it reaches 80%, the buyer takes control of the property, per journal, So anyone who owns their place can be forced to sell it and the landlord can demolish it.
So the question is, who is the mystery shopper? Is it Griffin, trying to complete his waterfront development? Or is it someone looking for a paycheck, buying a property that a billionaire doesn’t own in their neighborhood, to sell? Bloomberg puts Griffin’s net worth at $42 billion. His hedge fund manages $64 billion in assets.
Some remaining unit owners in Solaris think it’s the Griffin. Journal. But it is not clear why he is secretly buying the units as he owns the nearby buildings, which everyone knows. Although it is common for the wealthy to purchase real estate using an LLC.
The LLC paid about $750,000 for some of the two-bedroom units. Journalwhich residents said would be nothing compared to them. LLCs that have purchased commercial properties around Griffin include the same registered agents as the Delaware-based LLCs in question, he said. Journal. Apparently, one unit owner said he saw Citadel’s global head of real estate look at his LinkedIn profile. Others believe the $2 million repair estimate is an attempt to force them out. But some think that if it’s Griffin buying the unit and they’re holding it back, it’s going to have to pay more — maybe even more, if it really wants to tear down the tower.
The speculation isn’t a first for Griffin, who, according to Journaloften acquires properties in the vicinity of his purchases, having previously bought properties worth seven million dollars in Miami’s Star Island. Not to mention, he has a portfolio of properties in South Florida, New York, London and St. Tropez.
Fort declined to comment.
