Billionaire hedge fund manager Ken Griffin’s bet on Miami’s Brickell office market is boosting the neighborhood’s cachet among out-of-town executive condo buyers, according to a trio of experts addressing thousands of real estate professionals on Wednesday. Griffin is spearheading the development of a planned $1 billion 54-story mixed-use tower with a 212-room hotel and 1.3 million square feet of offices that will primarily house the new headquarters for his firms, Citadel and Citadel Securities.
“I think the Citadel effect is real,” said Camilo Miguel Jr., CEO of Miami-based Mast Capital. “We have sold to some Citadel execs. [Griffin’s] organization is not the only organization moving down here, but certainly he is the most impactful.” Miguel joined Miami-based Fortune International Group CEO Edgardo Defortuna and Swire Properties President Henry Bott in kicking off the first day of The Real Deal South Florida Real Estate Forum. They headlined the panel, “Who Wins Betting Big on Brickell Condos?” moderated by TRD Residential Bureau Chief Katherine Kallergis.
