- Nearly half of the units in the Solaris, a 22-story condominium building, have been purchased by Delaware-based LLCs, sparking speculation that Ken Griffin may be the buyer.
- Griffin owns the surrounding 4.2-acre site, where Citadel’s new headquarters is planned, and gaining control of the Solaris could allow for further expansion.
- Developers in Miami increasingly buy out condo units to redevelop valuable land, driven by a scarcity of waterfront parcels.
According to WSJ, the Solaris, a 22-story condo on his 4.2-acre site, lies at the heart of Ken Griffin’s latest Miami development.
While Griffin is building Citadel’s 54-story headquarters, which will feature offices, restaurants, and a rooftop hotel, Solaris remains an obstacle to full consolidation.
Yet interestingly enough, a mystery buyer has been snapping up units in the building…
Historical Context
Over the past two years, nearly 67 of the building’s units—close to half—have been purchased through Delaware-based LLCs in all-cash transactions.
Public records show that if a buyer amasses 80% of the units, they can compel the remaining owners to sell, paving the way for demolition.
Residents believe Griffin may be the buyer, noting that the LLCs involved share a registered agent with those used for his surrounding acquisitions. Griffin’s spokesman declined to comment.
Residents Push Back
Solaris, built-in 2006 with luxury finishes like Italian cabinetry and granite countertops, is aging. Recent assessments for $2M in pool and garage repairs have fueled conspiracy theories that the fees are a tactic to pressure owners to sell.
The $750K price tag offered for some units is far below what residents would need to buy comparable properties, especially given Miami’s soaring real estate prices. As the financial district attracts wealthy newcomers, many middle-class residents feel priced out.
Griffin has a history of consolidating properties surrounding his major investments. In Miami’s Star Island, he assembled a 6.5-acre compound by purchasing 7 multimillion-dollar properties for $169M. In Palm Beach, he spent $450M assembling a 27-acre oceanfront estate.
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Condo Terminations
Condo terminations, where developers buy out all units in a building to redevelop the land, have become more common in Miami due to a lack of available parcels.
Some owners welcome buyouts, particularly in aging buildings, while others feel forced out amid rising costs and limited housing options.
What’s Next?
If Griffin or another developer reaches the 80% ownership threshold in Solaris, the remaining unit owners could be compelled to sell.
Given the $669.5M Griffin spent on surrounding parcels and the site’s strategic importance, many believe Griffin may ultimately secure control.
For now, the mystery continues, fueling speculation about the future of the Solaris and Griffin’s ambitious Miami waterfront project.
