The Miami City Commission is expected to vote on July 23 on the sale of a historic property at 190 SE 12 Terrace for $2.98 million to 1250 BB Asset Co. LLC, an entity linked to Ken Griffin's investment firm, Citadel. This acquisition would finalize Griffin's control over the entire city block in Brickell where Citadel is developing its new headquarters. The $2.98 million purchase price was determined by the higher of two independent appraisals.
The property, a 121-year-old building that served as the office of Miami's first resident physician, Dr. James M. Jackson, is listed on the National Register of Historic Places and is currently leased to Dade Heritage Trust. Under the proposed agreement, Griffin's company would assume the existing lease and responsibilities as landlord, ensuring Dade Heritage Trust can continue operating from the site. A Citadel spokesperson indicated active discussions with Dade Heritage Trust and the City of Miami regarding a long-term preservation plan for the building.
All net proceeds from the sale are earmarked exclusively for crucial repairs, maintenance, rehabilitation, and potential replacement of the aging Brickell Key Bridge, which is a growing infrastructure concern for the city. The city is able to, bypass competitive bidding for the sale under a charter provision that allows conveyance to an adjacent property owner for certain non-waterfront parcels that meet specific size or buildability requirements.
Ken Griffin, who relocated Citadel to Miami from Chicago in 2022, has been actively acquiring real estate in the area. This proposed purchase would add the last remaining piece to his contiguous holdings on the block between Brickell Bay Drive and Brickell Avenue. Griffin has also committed $25 million to other preservation projects, including $20 million for Vizcaya Village and a $5 million endowment for Villa Serena.
