Saran Chatterjee SVP, Product | realtors.com
In Miami's financial district, a real estate mystery is developing around Ken Griffin's 4.2-acre site, where he plans to build a new headquarters for his investment firm, Citadel. The planned 54-story glass tower will include restaurants, a rooftop hotel, and a public waterfront terrace.
Griffin owns most of the land except for the Solaris condominium tower at its center. An unidentified buyer has been purchasing units in Solaris through Delaware-based limited liability companies (LLCs). These LLCs have acquired nearly half of the building's units over two years. If they reach 80% ownership, they could potentially control and demolish the property.
Residents suspect Griffin might be behind these purchases due to similarities between the LLCs involved in buying his surrounding properties and those acquiring Solaris units. A Citadel spokesman declined to comment on this speculation.
The Solaris, built in 2006 with luxury amenities like Italian cabinetry and whirlpool tubs, is now showing signs of aging. Residents recently faced a $2 million assessment for repairs, which some believe is an attempt to pressure them into selling their units.
As Miami's home prices soar, residents are hesitant to sell at current offers from the LLCs. They recognize the value of their location to Griffin and believe they can negotiate higher prices if he needs their units for his development plans.
The practice of condo terminations—buying out entire buildings for redevelopment—is becoming more common in South Florida due to limited developable land. Some owners welcome selling opportunities when buildings fall into disrepair; others feel forced out by large developers amid high interest rates and taxes.
Griffin has a history of assembling surrounding properties when making real estate purchases. In Miami’s Star Island and Palm Beach, he acquired multiple multimillion-dollar properties totaling significant acreage and investment.
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