WRE News: Who’s Behind the Solaris Buyout? Ken Griffin’s Miami Real Estate Puzzle

Miami, FL – December 1, 2024 – At the heart of Ken Griffin’s 4.2-acre Citadel headquarters project in Miami, a real-estate mystery is brewing: someone is quietly buying up units in a 22-story condo tower smack in the middle of his site.

Griffin, the billionaire behind Citadel, is developing a 54-story glass tower featuring offices, restaurants, and a hotel, but he doesn’t control the Solaris condo building. Over the past two years, anonymous Delaware-based LLCs have bought nearly half of Solaris’s units.

Many residents suspect Griffin is behind these purchases, potentially aiming to demolish the aging building, but Citadel has declined to comment. Meanwhile, rising assessments for repairs and soaring property prices have left remaining owners wary of selling—unless they can command a premium for their prime waterfront location.

This tactic, called condo termination, is becoming common in South Florida as developers hunt for scarce land, often sparking tension with residents who feel pressured to sell.