Ken Griffin is gearing up to break ground on the construction of a new $1bn-plus, 54-storey skyscraper in Miami next year, which will serve as the new headquarters for both his multi-strategy hedge fund firm Citadel and market-making business Citadel Securities.

The project, located at 1201 Brickell Bay Drive, will feature 1.7m square feet of space, combining offices and a 413,000-square-foot hotel occupying the upper floors, according to plans submitted to Miami-Dade County on Monday. Construction is slated to begin in Q3 2025, according to a spokesperson for Griffin.

The tower, which is expected to be one of the tallest in Miami, was first proposed by Griffin in 2022, the same year in which he relocated both his family and business operations from Chicago to Miami.

According to the plans, the building, which has been designed by Foster + Partners, will feature retail outlets, a waterfront restaurant and a public pedestrian path along the water.