Billionaire Buys Every Condo In A Miami Tower For $125M Demolition

Ken Griffin didn’t just purchase a luxury apartment building in Miami—he acquired every condo in it, one unit at a time, with plans to demolish the entire tower.

The billionaire investor spent an estimated $125 million buying out owners at the Solaris condominium in Brickell. While residents who held out until the end received more than double what some early sellers accepted, even the largest individual payouts represented only a small piece of Griffin’s much larger redevelopment strategy.

The Buyout Campaign

Griffin targeted Solaris because it occupied one of the few remaining parcels he didn’t already control in Brickell. Beginning in late 2022, his team quietly approached owners with offers.

One of the first to sell was Mark Clifton, who accepted just over $500,000 for his condo in December 2022.

Looking back, Clifton admitted, “Obviously, we should’ve held out. But the timing was optimum for us.”

As more residents realized a major acquisition was underway, asking prices climbed. Retired SEC attorney Terence Tennant received an initial offer of $550,000 for his 20th-floor corner unit but declined.

“I kind of shrugged them off,” Tennant said. “I felt like this was my place, I’ve been living here, and I’m gonna stay.”

A second offer of $700,000 also wasn’t enough. Eventually, public records show that more than three dozen units sold for at least $1 million, highlighting how negotiating leverage shifted as Griffin moved closer to acquiring the entire building.

Real estate broker Mario Borda, whose firm has overseen several high-profile condo buyouts, became a controversial figure among residents. One owner said Borda later returned with five replacement condo options that matched the owner’s feng shui preferences after learning that was an important consideration. Several residents also alleged that Borda initially claimed offers above $1 million were unrealistic, only for more than 30 units to ultimately sell for seven figures or more.

A small group of owners hired legal counsel in hopes of delaying the process and securing larger payouts. But holding out carried significant risk. Under Florida condominium termination rules, once a buyer controls 80% or more of the voting interests, remaining owners can be compelled to sell at a price determined through an independent fair-market appraisal. Griffin completed the final acquisition in September.

Why Pay So Much?

Griffin’s estimated $125 million investment—based on recorded sales and estimated values for transactions that weren’t publicly disclosed—far exceeded what the property would likely be worth as a standalone condominium.

Between late 2022 and mid-2025, Solaris units sold for an average of $875 per square foot, roughly 21% higher than comparable properties in the area. By comparison, the nearby Club at Brickell Bay averaged $618 per square foot during the same period. The premium wasn’t about the condos themselves—it was about assembling a larger development site.

“Developers almost always pay more for a condo termination than for an empty lot,” said Daryl Fairweather, chief economist at Redfin. “They do it because the larger, unified site allows them to build something far more valuable. In Griffin’s case, the strategy signals long-term ambition in Miami to reshape an entire district.”

Building a New Brickell

The Solaris acquisition fits into Griffin’s broader real estate expansion in Miami. In 2022, he purchased a waterfront parcel across the street for $363 million, along with a 28-story office tower, a parking garage, and another nearby building that was later demolished. With Solaris now under his control, Griffin owns nearly the entire redevelopment site, leaving only a small city-owned historic property outside the assemblage.

A spokesperson for Griffin said “The firm is proud to invest in Miami’s continued growth and to play a positive role in Brickell’s long-term future as it continues to attract residents, businesses and capital from around the world.”

According to the Bloomberg Billionaires Index, Griffin—whose fortune is estimated at $57.5 billion—plans to transform the site into a multibillion-dollar mixed-use development featuring headquarters for Citadel and Citadel Securities, hundreds of luxury residences, a parking garage, and potentially a hotel.

Source: Briefs Finance