Ken Griffin Adds 300-Unit Tower and 1,420-Space Garage to Miami Development While New York Projects $340–500 Million From Pied-à-Terre Tax

Ken Griffin has expanded his Miami development to include a 300-unit apartment tower, a 1,420-space parking garage, and additional office space in the Brickell financial district. He has also acquired every unit in a 22-story condominium across the street from the planned headquarters and intends to demolish that structure.

Griffin now controls roughly five acres across two city blocks in Brickell.

A hotel previously planned for one of the towers has been removed from the proposal in favor of more commercial space. “We are focusing this part of our development at 1201 Brickell solely on commercial office space,” a Citadel spokesperson said. The changes come weeks after Griffin publicly sparred with Mayor Zohran Mamdani over New York’s newly enacted pied-à-terre tax on luxury second homes.

In April, Mamdani filmed a video outside Griffin’s $238 million penthouse at 220 Central Park South and used the property as an example of units that would be affected by the levy. Griffin called the video “creepy” and stated that New York officials had made clear the need to double down on the bet in Miami.

“What the mayor of New York has made clear to my partners, and principally my New York partners, is that we need to double down on our bet in Miami,” he said.

City and state officials have projected that the pied-à-terre tax will generate between $340 million and $500 million in annual revenue. Jay Batra, CEO of Batra Real Estate and Batra Property Management, said the publicity around the tax is affecting buyer decisions more than the tax itself.