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The Madrid-based bank will begin demolition of its Brickell office building in the next few weeks to make way for the new tower.

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The tower is currently going through Miami-Dade’s review process under the Rapid Transit zoning plan. Approval of developments in the zone may be conditioned on public benefits.

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When Dan Kodsi and his former partner acquired the site two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower.

Ken Griffin's Brickell Assemblage_Photo Credit Bloomberg 1030x385

Companies tied to Griffin and Citadel spent about $670M on the Brickell assemblage in 2022.

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According to recently released Census data, between July 2022 and July 2023, Miami’s population increased by 1.3% making it the tenth fastest growing big city (defined as a population above 250,000).