Updated Aug 4, 2026
SOLDDevelopment Site
Ken Griffin Of Citadel Acquires 4.2 Acre Development Site In Miami For Redevelopment
186 Southeast 12th Terrace
Building Size
—
Asset Type
Development Site
Closing
Jun 12, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 186 Southeast 12th Terrace in Miami, FL, covering an area of 4.2 acres. The site will be redeveloped into a 54-story Citadel headquarters complex, which is set to include 300 apartments and a garage with over 1,400 parking spaces.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Not specified
- Address: 186 Southeast 12th Terrace
- Market: Miami, FL
- Acres: 4.2
- Buyer: Ken Griffin
- Company: Citadel
Ken Griffin, the founder of Citadel, has completed a significant acquisition involving the entirety of Solaris at Brickell Bay. This move follows a two-year strategy that facilitates the demolishment of the existing 22-story tower, aligning with Griffin's plans for consolidating development activities in the Brickell Bay area.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93