Billionaire Gets Approval for Personal Superyacht Marina in Miami Beach After 308-Foot Vessel Wouldn't Fit
- Scott Way
- 2h
- 3 min read
Billionaire hedge-fund titan Ken Griffin has been approved to build a private superyacht marina at 120 MacArthur Causeway on Miami Beach’s Terminal Island. The announcement comes after the City of Miami Beach Planning Board issued a permit after a lengthy approval process.
Griffin is an American hedge fund manager and founder, chief executive officer, co-chief investment officer, and 80% owner of Citadel LLC. He also owns Citadel Securities, one of the largest market makers in the United States. He was born and raised in Daytona Beach before attending Harvard and pursuing his business career. Griffin eventually relocated Citadel headquarters from Chicago to Miami in 2022. Forbes ranks him as the 32nd wealthiest person in the world with an estimated net worth above $50 billion.
Griffin's project will cover approximately 3.7 acres and will include a facility spanning more than 30,000 square feet, including multiple buildings and deep-water berths designed to accommodate superyachts of 300 feet or more in length.
According to filings with Miami Dade county, the marina will include up to six slips, an owner’s pavilion with lounge and pool, a crew pavilion with gym, sauna and rooftop pool, an operations building, and a secure gatehouse.
Griffin's lawyer and former Miami Beach mayor Neisen Kasdin described the marina as “almost an extension of his residence, where his larger boats can be berthed,” according to Forbes.
The impetus behind Griffin's development is seemingly that his home nearby Star Island can't accommodate his 308-foot superyacht Viva. The Terminal Island site offers rare deep-water access within Miami and is close to the shipping channels at the Port of Miami — giving Griffin rare passageway through Miami's busy waterway system.
The island property was initially acquired via an LLC in 2023 for roughly $77 million after the previous owner pulled the plug on an office development. However, the Miami County Planning Board’s endorsement comes with a number of conditions. Among them; all parking must be contained on site at Terminal Island, any special events on the marina site will require coordination with the U.S. Coast Guard, and if the property ever changes hands any future owner must return to the board for review. The board raised specific concerns about noise, traffic, and the site's proximity to existing Coast Guard facilities. There are talks the facility could host the Miami Grand Prix in the future.
This marina is the latest addition to Griffin’s growing South Florida portfolio. After relocating Citadel and its sister company Citadel Securities from Chicago to Miami in 2022, Griffin also purchased major real-estate holdings in Miami Beach, Star Island, and Palm Beach, including the record-setting $106.9 million Adrienne Arscht estate in Coconut Grove he purchased in September 2022.
In Miami’s Brickell district, Griffin is planning a 1.3 million square foot office tower and hotel complex with an estimated price tag of $2.5 billion USD. The marina at Terminal Island extends his strategy from the high-rise development and luxury residence into attached waterfront infrastructure and maritime utilities.
“Whenever people think [South Florida real estate] is running out of steam, there’s another article that comes out with another great Ken Griffin push,” said Cyril Bijaoui, a Miami-based, high-end real estate consultant, told The New York Post. “I think he’s part of the reason why Jeff Bezos is down here.”
The project is not quite ready to begin, however. Even with the Planning Board sign-off, Griffin must still secure final design approval and coordinate a shoreline review before putting shovels in the ground. The timeline for construction hasn't been disclosed, but sources suggest the project will be a high-priority given Griffin's growing economic influence with Citadel in the county.
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