The arrival of Citadel in Miami by the businessman Griffin meant a boost to the economy and investment in the real estate sector, something that is already beginning to show its first fruits with an interesting contribution to the city’s housing fund.
In September 2022 and after more than 3 decades operating in Chicago, Citadel announced that it was moving its headquarters and facilities to Miami, driven by rising security rates and a bad relationship with one of the local governors.
The arrival of the company led by Ken Griffin – one of the main investment funds in the United States – raised expectations of how it could contribute to the development of the local real estate sector, which is already beginning to materialize.
We are talking about a contribution of $3 million dollars to a new fund that will grant money to companies that can solve problems in housing and other sectors.
Relevance of the contribution for the real estate sector
Miami-Dade County Mayor Daniella Levine Cava addressed the commitment of Citadel founder and CEO Ken Griffin, noting that he has become increasingly philanthropic at the local level as he prepares to relocate the company to South Florida. Florida.
The Miami-Dade Innovation Authority would also receive $3 million from Miami-Dade County, pending approval by the Board of County Commissioners; and $3 million from the John S. and James L. Knight Foundation. The nonprofit organization will award grants to businesses working to solve challenges related to climate change, housing, health, transit and more, Levine Cava said.
Griffin and his companies have spent more than $1 billion acquiring residential and commercial real estate in Palm Beach and Miami-Dade counties, and Citadel is working with Chicago developer Sterling Bay to build an office tower across the street from to the bay in Miami’s Brickell, where the company will house its permanent headquarters.
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With a presence in the real estate sector in the states of Florida, Texas and New York, BAI Capital specializes in generating value from land acquisition to the development of mixed-use projects. Such as residences for the elderly, student residences, multifamily buildings for rentals and mixed use that include condos and retail.
Our mission is to safeguard the capital of the partners and the own capital under the minimum risk exposure. With a safe development and going through all the stages. Purchase of land, adjustment of urban zoning, commercial vision in architectural development and management of building permits. Then, we take charge of the capitalization, construction and exit with return of the capital and profits to the partners.
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