**Citadel’s $1B Brickell Tower Now Expected to Cost $2.5B**
When Ken Griffin, CEO of Citadel Securities, made the decision to relocate his financial conglomerate from Chicago to Miami in 2022, he envisioned a landmark tower to serve as a base not only for his employees but also as a premium office destination for other tenants. That vision—originally anticipated to cost $1 billion—has now grown into a $2.5 billion project due to rising construction costs.
The planned development, located at 1201 Brickell Bay Drive, is set to be a 54-story tower encompassing 1.7 million square feet. The mixed-use project will include office space and a luxury hotel occupying approximately 413,000 square feet on the upper floors, according to documents filed with Miami-Dade County.
The waterfront skyscraper was initially slated to break ground in the third quarter of 2025.
Griffin has lauded South Florida for its quality of life, citing safe streets, oceanfront homes, strong sense of community, reputable schools, and significant property value appreciation in recent years as key reasons for the company’s move to the region.
