Miami commissioners are set to vote on July 23 on the sale of a historic property at 190 SE 12 Terrace to 1250 BB Asset Co. LLC, an entity associated with Ken Griffin's Citadel. The purchase price is set at $2.98 million, which was the higher of two independent appraisals. This acquisition would consolidate Griffin's control over the entire city block between Brickell Bay Drive and Brickell Avenue, where Citadel is developing its new headquarters.
The property, the former office and surgical facility of Miami's first resident physician, Dr. James M. Jackson, was built in 1905 and moved to Brickell in 1916. It is listed on the National Register of Historic Places and has been leased to the nonprofit Dade Heritage Trust since 1978. Under the proposed agreement, the buyer would assume the city's responsibilities as landlord, and Dade Heritage Trust would remain in the building under its existing lease.
The sale, if approved, would contribute all net proceeds exclusively to the repair, maintenance, rehabilitation, or potential replacement of the aging Brickell Key Bridge. The city is pursuing the sale without competitive bidding under a charter provision that permits this for non-waterfront properties when the buyer owns an adjacent parcel and the property meets specific size or buildability requirements. This aligns with statements from Citadel and Dade Heritage Trust about discussions underway to ensure the long-term preservation of the historic building.
Ken Griffin, who moved Citadel to Miami from Chicago in 2022, has been actively acquiring real estate in the area, spending over $1 billion on various properties. The 121-year-old cottage is the last remaining property on the block that Griffin does not yet control. The resolution, sponsored by Miami District 2 Commissioner Damian Pardo, aims to address the significant infrastructure needs of the Brickell Key Bridge.
