Key Takeaways
- • Ken Griffin's affiliate acquired the historic James Jackson Cottage at 190 SE 12th Terrace for $2.98 million, completing his control of an entire city block in Miami's Brickell financial district where a planned 52-story Citadel headquarters will be developed.
- • The 1,550 square-foot cottage, built in 1905 and originally serving as both home and surgery suite for Miami's first physician, will be preserved and relocated approximately four miles south to Coconut Grove as part of the transaction terms approved by Miami city officials.
- • The relocation deal provides the Dade Heritage Trust with its first permanently owned headquarters in Coconut Grove, one of Miami's oldest neighborhoods, following decades of city leasing arrangements.
- • The cottage's acquisition removes the final obstacle to Griffin's comprehensive development of the Brickell Bay Drive block, enabling his planned commercial real estate expansion in Miami's principal financial district.
Summary
The Miami city government has approved the sale of a historic 121-year-old cottage to an affiliate of Citadel CEO Ken Griffin for $2.98 million, resolving a significant land assembly issue blocking the billionaire's major commercial development plans in Miami's Brickell financial district. The property at 190 SE 12th Terrace—the James Jackson Cottage—represented the final parcel required for Griffin to consolidate ownership of an entire city block centered on 1201 Brickell Bay Drive, where a 52-story office tower serving as Citadel's headquarters is planned to rise.
The cottage carries substantial historical significance as the 1,550-square-foot home and medical office of Dr. James Jackson, Miami's first physician. Originally constructed in 1905 at a different downtown location near the present-day Olympia Theater, the structure was relocated multiple times throughout its history. When the original owner planned demolition following a 1916 sale, Dr. Jackson preserved the structure and moved it to Miami Beach property he owned. Subsequently, a purchaser named Whaler relocated it again in 1917 to its current Brickell location, which has since become Miami's primary financial district. The City of Miami acquired the property in the 1970s and leased it to the Dade Heritage Trust, the city's largest historic preservation organization.
As part of the transaction approved by city commissioners, the cottage will be preserved and relocated to Coconut Grove, approximately four miles south, ensuring its survival while clearing the development site. This relocation directly benefits the Dade Heritage Trust, which will receive the structure as its first permanently owned headquarters in Coconut Grove, one of Miami's historically significant neighborhoods. The arrangement satisfies preservation requirements while enabling Griffin's consolidated land control for the planned commercial development.
The transaction exemplifies the intersection of real estate development ambitions and historic preservation considerations in major metropolitan markets, where high-value commercial projects increasingly require negotiated solutions involving landmark structures. Griffin's completion of full block control positions Citadel for construction of its substantial Miami office presence in the Brickell financial hub.
The cottage carries substantial historical significance as the 1,550-square-foot home and medical office of Dr. James Jackson, Miami's first physician. Originally constructed in 1905 at a different downtown location near the present-day Olympia Theater, the structure was relocated multiple times throughout its history. When the original owner planned demolition following a 1916 sale, Dr. Jackson preserved the structure and moved it to Miami Beach property he owned. Subsequently, a purchaser named Whaler relocated it again in 1917 to its current Brickell location, which has since become Miami's primary financial district. The City of Miami acquired the property in the 1970s and leased it to the Dade Heritage Trust, the city's largest historic preservation organization.
As part of the transaction approved by city commissioners, the cottage will be preserved and relocated to Coconut Grove, approximately four miles south, ensuring its survival while clearing the development site. This relocation directly benefits the Dade Heritage Trust, which will receive the structure as its first permanently owned headquarters in Coconut Grove, one of Miami's historically significant neighborhoods. The arrangement satisfies preservation requirements while enabling Griffin's consolidated land control for the planned commercial development.
The transaction exemplifies the intersection of real estate development ambitions and historic preservation considerations in major metropolitan markets, where high-value commercial projects increasingly require negotiated solutions involving landmark structures. Griffin's completion of full block control positions Citadel for construction of its substantial Miami office presence in the Brickell financial hub.
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