The mystery behind the aggressive acquisition of all 138 units and the ground-floor retail space in Miami’s Solaris condominium project has been solved.
Bloomberg reports that hedge fund billionaire Ken Griffin has spent the past three years and $125 million to buy out every tenant in the property through a network of hard-to-trace LLCs. Griffin reportedly paid an average of $875 per square foot between late 2002 and mid-2025, overpaying by more than 20% to take over the Solaris units.
Griffin plans to tear down the 22-story Solaris and use the site to develop a $2.5 billion corporate campus featuring a 54-story tower that will become the new global headquarters for his Citadel and Citadel Securities. The campus will also include a 300-unit multifamily housing complex, a 1,420-space parking garage, and possibly a hotel.
One structure remains on the site that Griffin is developing, a city-owned historic building that once housed Miami’s first physician’s office and is now the headquarters for the Dade Heritage Trust. It is unclear whether that structure will remain or if Griffin will attempt to buy it.
Photo courtesy of MiamiResidence.com
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