Miami vs. New York: Ken Griffin Suggests Miami Could Surpass New York as the Financial Hub

November 18, 2023

In recent years, South Florida has emerged as a focal point for financial firms, drawing attention for its early pandemic reopening, absence of state income tax, and business-friendly atmosphere across the tri-county region. A significant player in this shift is hedge funder Ken Griffin, whose relocation of Citadel and Citadel Securities’ headquarters from Chicago to Brickell marks a substantial bet on Miami’s ascent as a financial hub.

 

Griffin, a Florida native who spent time in Boca Raton, is making considerable investments in South Florida real estate. His plans for a more than $1 billion office tower on Brickell Bay and acquisitions like the $363 million 2.5-acre site at 1201 Brickell Bay Drive signal his confidence in the city’s financial growth. The billionaire is not only expanding his commercial footprint at the 830 Brickell Tower and the Southeast Financial Center in downtown Miami but also making significant residential investments, including the record-breaking $106.9 million purchase of Adrienne Arsht’s waterfront estate in Coconut Grove.

 

Griffin is not completely turning his back on New York despite his commitment to Miami. Citadel’s plans for a 1,350-foot Manhattan skyscraper reflect his acknowledgment of New York as the “epicenter of thoughtful people passionately engaged in their careers.” Nevertheless, Griffin remains optimistic about Miami’s potential to outshine the Big Apple in finance, stating, “Miami, I think, represents the future of America.”

 

In other real estate developments, Oak Row Equities and LNDMRK Development have unveiled the final design plans for 2900 Terrace in Edgewater, Miami. This luxury rental tower, designed by Arquitectonica, aims to meet the demand for high-end living in Miami. With 324 oversized homes, abundant natural light, and state-of-the-art amenities, 2900 Terrace signals the maturation of the South Florida market, offering a sophisticated option for renters seeking premium space, views, design, and amenities.

 

The tower’s amenity program, spread across two levels, emphasizes wellness, featuring a fitness center, yoga studio, pet spa, coworking spaces, podcast, and content creator studios, a card room, resident lounge, treatment rooms, sauna, golf simulator, theater, and a children’s playroom. Outdoor amenities include a statement swimming pool, cold plunge, poolside cabanas, BBQ grills, a hot tub, padel courts, children’s playground, and a coworking terrace. The developers anticipate global demand for this world-class offering, poised to enrich Edgewater with refined, artful architecture.

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