Hedge fund billionaire Ken Griffin spent three years secretly acquiring all 138 condominium units and the ground-floor retail space of Miami's Solaris building, a move confirmed by a spokesperson to be for the purpose of demolition. The operation, which involved multiple rounds of increasing offers and temporary leasebacks for some residents, was executed through a network of anonymous limited liability companies (LLCs) to conceal Griffin's involvement.
Griffin, the founder of Citadel and Citadel Securities, paid an average of $875 per square foot between late 2022 and mid-2025, an amount reportedly more than 20 percent above the market rate for the area, according to Bloomberg data cited by The New York Post. The total expenditure for the acquisition was approximately $125 million.
The Solaris tower, a 22-story building in Miami's Brickell financial district, was one of the final obstacles in Griffin's plan to construct a multi-billion dollar corporate campus. Demolition of the Solaris is scheduled for this summer. The only structure remaining on the block is a historic city-owned building that houses the Dade Heritage Trust.
Plans for the site include a 300-unit apartment building, a 1,420-space parking garage, and a $2.5 billion, 54-story headquarters tower for Citadel and Citadel Securities. A hotel may also be part of the development.
Since relocating Citadel and Citadel Securities from Chicago to Miami in 2022, Griffin has invested over $1 billion in assembling a five-acre parcel in Brickell for his expanding operations. This expansion aligns with Griffin's stated belief that Miami could surpass New York City as a financial hub, citing a trend of companies moving away from New York due to high taxes and crime rates.
A spokesperson for Griffin stated, "We are proud to invest in Miami’s continued growth and to play a positive role in Brickell’s long-term future as it continues to attract residents, businesses, and capital from around the world."
The aggressive acquisition strategy in Florida comes after a public disagreement with New York City's Mayor Eric Adams, who has advocated for a "pied-à-terre" tax on luxury second homes valued over $5 million. Griffin's own $238 million penthouse in Manhattan was the backdrop for a viral video promoting this tax.