Work Starts on Citadel’s $2.5 Billion Miami Headquarters
Work is now underway on Citadel’s new global headquarters at 1201 Brickell Bay Drive in Miami’s financial core, with crews beginning deep soil mixing on-site, marking the first visible step toward construction. Deep soil mixing (or DSM) is a construction method used to strengthen the ground by blending cement with existing soil to form solid columns. This improves the site’s ability to support the tower and reduces the risk of settling, an important step given South Florida’s challenging soil conditions. This early work comes after a delay in the project’s original timeline. Citadel had initially targeted a Q3 2025 groundbreaking, but with site activity now underway, vertical construction could begin in 2026, depending on permitting. The project is being developed by Related Companies, with Foster + Partners leading the design. Field Operations is serving as landscape architect, Kimley-Horn as civil engineer, and Adamson as architect of record. The site sits along Biscayne Bay, where Citadel purchased the waterfront parcel for $363,000,000 in 2022, during a surge of investment in Miami that appears to be only accelerating. Since then, costs have risen significantly. The project has grown from $1 billion to $2.5 billion, a $1.5 billion increase largely driven by higher construction costs. Even so, Citadel remains committed to moving forward. Recent photos taken by Ryan Rea show DSM work actively progressing, reinforcing that momentum. This activity is backed by an approximately $11,000,000 soil improvement permit issued by Miami-Dade County. While permits for the foundation and vertical structure have not yet been filed, the start of ground work marks a key early milestone. Visible equipment on-site includes a DSM rig used to drill and mix soil columns, along with a yellow silo labeled “Keller,” the foundation contractor overseeing the deep soil mixing work. The silo is used in the process to supply the cement used to strengthen the soil. Additional machinery is staged to support ongoing soil stabilization as further permits are pursued. This type of ground preparation is not unique to the project. A similar approach was used at the site for Waldorf Astoria Residences Miami, the city’s only supertall under construction. Once completed, Citadel’s headquarters will total 2,118,650 square feet. This includes 1,485,174 square feet of office space, 212 hotel rooms, 50 on-site parking spaces (with additional off-site parking), and ground-floor retail. The tower will rise 63 stories to a height of 1,043 FT. At the ground level, the development will also reshape part of the waterfront. Plans call for a new baywalk segment with wider sidewalks, public art, and landscaped areas, designed to connect directly into the building while improving access along Brickell Bay Drive. Inside, the tower will be organized in tiers. An elevated lobby will lead into office floors, followed by a hotel component extending to level 59. Above that, levels 60 through 62 will house mechanical systems and form part of the crown, while level 63 will feature a private amenity deck with pools, a bar, and other offerings. Although no official completion date has been announced, the scale of the project suggests a construction timeline of at least five years. If a full groundbreaking takes place this year, completion would likely fall in the early 2030s.
Developers Plan 24-Story Luxury Tower at 400 Hibiscus Street, West Palm Beach
A new luxury high-rise development has just been proposed in Downtown West Palm Beach, adding to a wave of investment that continues to transform the city’s urban core. Planned for 400 Hibiscus Street, the project is being led by Mast Capital and JCZM Development, with plans calling for a 24-story condominium tower with 88 residences, replacing an existing low-rise structure on the site. The proposal has already cleared several early regulatory steps. It recently went before the city’s Plans & Plats Review Committee and has since received approval from the Downtown Action Committee for a transfer of development rights (TDR). With those approvals in place, the project is expected to eventually move toward a future City Commission hearing for final consideration. The development site spans approximately 0.86 acres and was acquired for $5.2 million in early April of last year. Once completed, the project would effectively complete the surrounding block, which has seen incremental redevelopment over time, including a 10-story apartment building delivered in 2008. Plans submitted to the city indicate a boutique residential offering, with a limited number of large-format units per floor. While pricing and pre-sales details have not yet been released, the project is designed to include a 5,700 square feet private residents’ club, along with a pool deck, fitness center, and additional amenity spaces located on a dedicated level. In addition to the residential component, the tower is expected to include approximately 11,118 square feet of ground-floor retail. Parking will be within a structured podium, which is designed by Corwil Architects to be largely screened from public view through the use of glass and architectural treatments. As part of the approval process, the Downtown Action Committee unanimously supported the transfer of 11,279 square feet of development rights from a property at 610 10th Street. This mechanism allows additional density at 400 Hibiscus Street while preserving the donor site, which includes a historic single-family property. The site is currently zoned QGD 10-25, which would typically limit building height to 10 stories. However, the developer is leveraging both the city’s incentive programs and the TDR framework to achieve the proposed height. In exchange, the project will be required to incorporate a designated portion of affordable housing. City staff expressed support for the proposal during the review process, a position that was echoed by the board. The project arrives amid a broader surge in development activity across West Palm Beach. More than 9,000 residential units are currently in the pipeline, including approximately 2,800 units under construction and over 6,000 units in various stages of review, with even more development planned among office and hotel developments.