Key Takeaways
- • Ken Griffin's Citadel affiliate is bidding $2.98 million to acquire a city-owned 120-year-old historic cottage at 190 Southeast 12th Terrace in Miami's Brickell district, with the Miami city commission voting on the sale next week.
- • The 1905-built property (6,000 sq ft lot, 1,800 sq ft building) is currently leased to Dade Heritage Trust under a 10-year lease signed in 2022; Griffin would assume all landlord obligations as a condition of purchase.
- • The cottage represents the final parcel needed to complete Griffin's city block consolidation in Brickell, adjacent to the 22-story Solaris condominium where he has already acquired all units for planned demolition and redevelopment.
- • The historic building is listed on the National Register of Historic Places and has cultural significance as the former office and surgical center of Dr. James M. Jackson, Miami's first resident physician who arrived in 1896.
- • The transaction underscores Griffin's substantial real estate footprint in Miami as Citadel establishes its future headquarters in the Brickell financial district.
Summary
Billionaire Citadel founder and CEO Ken Griffin is moving to acquire one of Brickell's oldest structures through a $2.98 million purchase offer submitted to the City of Miami. The property in question—a white wood-frame cottage at 190 Southeast 12th Terrace—sits adjacent to the Solaris condominium complex where Griffin has already consolidated ownership of all residential units with plans for demolition and future development. The Miami city commission will vote on the sale proposal next week, according to city documents.
The historic building, constructed in 1905, comprises a 6,000-square-foot lot with an 1,800-square-foot cottage structure and is listed on the National Register of Historic Places. The property carries significant local historical value, having previously served as the office and surgical center of Dr. James M. Jackson, who established himself as Miami's first resident physician following his 1896 arrival. The acquisition would complete Griffin's assemblage of the full city block, eliminating the final obstacle to his comprehensive Brickell development strategy.
Under the terms of the proposed transaction, Griffin's LLC would assume the existing lease with the Dade Heritage Trust, which has occupied the property since 2022 under a 10-year lease agreement with a five-year renewal option. As a condition of the city's sale, Griffin would be required to honor the existing lease arrangement and assume all landlord obligations following closing. The Dade Heritage Trust lease was scaled back from city administrators' original 90-year proposal following a 2021 city commission vote that approved the 10-year term instead.
The transaction represents another significant component of Griffin's Miami real estate consolidation efforts as Citadel establishes its future headquarters presence in the Brickell district. The acquisition would provide Griffin direct control over a strategically positioned historic property while maintaining the existing tenant relationship with the heritage preservation organization currently occupying the site.
The historic building, constructed in 1905, comprises a 6,000-square-foot lot with an 1,800-square-foot cottage structure and is listed on the National Register of Historic Places. The property carries significant local historical value, having previously served as the office and surgical center of Dr. James M. Jackson, who established himself as Miami's first resident physician following his 1896 arrival. The acquisition would complete Griffin's assemblage of the full city block, eliminating the final obstacle to his comprehensive Brickell development strategy.
Under the terms of the proposed transaction, Griffin's LLC would assume the existing lease with the Dade Heritage Trust, which has occupied the property since 2022 under a 10-year lease agreement with a five-year renewal option. As a condition of the city's sale, Griffin would be required to honor the existing lease arrangement and assume all landlord obligations following closing. The Dade Heritage Trust lease was scaled back from city administrators' original 90-year proposal following a 2021 city commission vote that approved the 10-year term instead.
The transaction represents another significant component of Griffin's Miami real estate consolidation efforts as Citadel establishes its future headquarters presence in the Brickell district. The acquisition would provide Griffin direct control over a strategically positioned historic property while maintaining the existing tenant relationship with the heritage preservation organization currently occupying the site.
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