The Citadel and Waldorf Astoria skyscrapers will transform the Miami skyline

Miami’s waterfront is about to change dramatically. The city is preparing for the construction of its two largest skyscrapers: one zoned for residential use and the other mostly for offices. The already well-known Waldorf Astoria Hotel and Residences project has now been joined by the Citadel office tower. It will be the new headquarters for one of the largest hedge funds in the world, which is controlled by tycoon Ken Griffin, who decided to move the company from Chicago to Miami.

The developers behind the commercial project registered images and details of it this past week with the authorities of Miami-Dade County. Designed by Foster and Partners, the 54-story Citadel tower will be about 1,026-feet-tall and have a constructed area of about 1.7 million square feet at 1201 Brickell Bay Drive, next to the seafront. It will include approximately 1.29 million square feet of premium office space and 212 luxury hotel rooms.

According to the plan, the hotel’s reception and common areas will be on the upper levels, from floors 52 to 54. Between floors 40 and 51 is where the hotel’s guest rooms ― with stunning views ― will be located. The 38th and 39th floors, meanwhile, will be service floors. Below them, between floors five and 37, will be office space, set to house the headquarters of Citadel, the successful alternative investment firm. Citadel Securities, technically a separate entity, but also majority-owned by Griffin, will also be located there. It’s among the firms supporting the development of a new stock exchange in Texas.

Between floors one and four will be the office reception, the maintenance department, a large auditorium-ballroom, as well as versatile spaces for conferences and events, which will increase the building’s appeal as a destination for celebrations and conventions. The complex will also have a state-of-the-art spa and a fully-equipped gym, according to the plans.

Citadel and its partners have unveiled their plans two years after the financial firm purchased the 2.5-acre oceanfront site for a record $363 million. The purchase came months before Griffin announced that he would be moving his two Chicago-based businesses to Miami.

If the project is completed, the Citadel tower will be the second-tallest skyscraper in Miami, just 23 feet below the spectacular Waldorf Astoria Hotel and Residences Miami (also under construction) which will measure 1,049 feet when completed. The tower will be the tallest residential structure in the country, not counting those in New York City.

The Waldorf Astoria in Miami will have 100 floors. This is nearly twice as many as the Citadel tower will have, as its ceilings will be lower. The project includes the construction of 360 one- to four-bedroom units, which are already on the market. The one-bedroom apartments have already sold out. Two-bedroom apartments are on sale, starting at $3.3 million. If you want three bedrooms, the minimum payment is $5 million and four-bedroom apartments are sold starting at $10.3 million, with price increases depending on surface area, height and view.

The payment plans require a down payment of 20% of the total price upon signing the contract, a further 10% after one month, another 10% in three months, a further 10% in one year, followed by the closing of the transaction in the fourth quarter of 2027. The units are scheduled to be delivered to owners in 2028.

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