Citadel Securities founder Ken Griffin is expanding his South Florida property holdings with a private superyacht marina on Miami Beach’s Terminal Island. The 3.7-acre property would have berth spaces for six superyachts, along with a resort-style club that includes pools, pickleball courts, gym, sauna and facilities for crew. Griffin would also have a private lounge and pool for marina guests. The complex would be located on the tip of Terminal Island, and the marina itself is designed at 30,000 square feet.
Now one of the most powerful billionaires in South Florida, Griffin moved his Citadel hedge fund and Citadel Securities headquarters to Miami’s Brickell area from Chicago in 2022. He plans to develop a $2.5 billion bayfront building for the firm’s office, with a 212-room hotel, spa, and restaurants.
The marina complex is designed by BMA Architects and will include a gatehouse at the marina’s entrance, a repair shop for boats, as well as an owner’s pavilion with a large seating area and storage spaces. Terminal Island currently has a Florida Power & Light plant, a Miami Beach maintenance facility, and ferry terminals servicing nearby Fisher Island. “Ken is investing to improve an industrial section of Terminal Island, reflecting his long-term dedication to the city,” said a statement from Citadel.
Griffin, 56, owns the 308-foot superyacht Viva. Forbes ranks the founder as the 32nd wealthiest person in the world, with an estimated net worth of $50.6 billion. His South Florida portfolio includes Adrienne Arsht’s $106.9 million Coconut Grove estate, multiple Star Island waterfront properties, and prime Palm Beach holdings.
Griffin’s yachts won’t fit at the billionaire’s Star City facility, so he decided to build the marina on deeper channels of the Port of Miami. “This is almost an extension of his residence, where his larger boats can be berthed,” Griffin’s lawyer, former Miami Beach Mayor Neisen Kasdin, said at the Miami Beach Planning Board meeting when he presented the plan, according to Forbes.
The South Florida Business Journal reports that Griffin’s marina could host private events during Art Basel and the Formula One Miami Grand Prix. The planning board’s members raised concerns about possible issues with noise and traffic, and added several caveats such as requiring consent from the U.S. Coast Guard for special events, before unanimously approving the plan.
