A proposed 54-story, skyline-changing glass tower is under consideration to serve as the headquarters of Citadel, the $63 billion hedge fund that cemented Miami's rising status as a financial hub with its plans to relocate its base to the city from Chicago.

Plans for the new Foster + Partners-designed tower on Biscayne Bay were filed with Miami-Dade County, calling for 1.7 million square feet of space with roughly 1.2 million square feet dedicated to offices. About 413,476 square feet are set to be split between a 212-room rooftop hotel, with 46,750 square feet of open space planned, including a public waterfront terrace connecting to the rest of the Brickell neighborhood's baywalk.

The tower, or the first phase as it is referred to in the conceptual plans, isn’t expected to break ground until sometime next year, according to the Wall Street Journal. The skyscraper at 1201 Brickell Bay Drive is expected to rise 1,032 feet above Biscayne Bay and be the latest in a growing list of supertall towers, or buildings 984 feet or higher, that developers have been racing to build across Miami.

While the plans might change as the project goes through the county's approval process, the proposal now calls for 1201 Brickell Bay to join JDS Development’s Dolce & Gabbana Tower and Fortune International's Ora by Casa Tua as some of the neighborhood's tallest towers upon completion. PMG's Waldorf Astoria Hotel & Residences, a little less than a mile north in downtown Miami, is currently in the lead to be Miami's first 1,049-foot supertall tower.

Philadelphia-based Gattuso Development Partners has been consulting on the Citadel project, filings show. AAI Architects serves as the architect of record. Field Operations, the landscape architects behind Miami’s Underline, is also working on the project, alongside engineering firm Kimley-Horn and Associates.

Plans for the tower include seawalls, flood-proof doors and stormwater management systems designed to handle the tower's proximity to the ocean. Details around the headquarters second phase at 1221 Brickell Ave. across the street have yet to be filed.

A spokesperson for founder Ken Griffin told CoStar News in an emailed statement that the tower will “redefine the Miami skyline and further solidify this dynamic and vibrant city as a global destination for talented professionals and their families, businesses, and culture."

The relocation of Citadel and Citadel Securities, both founded by Griffin, was seen as a coup for Miami’s rising financial clout during the COVID-19 pandemic.

Citing Chicago’s public safety concerns and Miami’s pro-business climate, Griffin announced the move in 2022 and currently occupies four floors at the Southeast Financial Center, CoStar data shows. The location is less than a mile north of the development site in downtown Miami.

While planning the company's relocation, Griffin went on a buying spree across Brickell in 2022. In April that same year, Citadel spent $363 million, a record at the time, to acquire an about 2.5-acre parcel for the future tower — one of the last pieces of undeveloped waterfront real estate in the neighborhood.

The company followed that up with an additional $287 million for the 21-story building across the street where the tower's parking garage is planned. A $20 million acquisition for a small apartment building at 1250 Brickell Bay Drive took place in August 2022.

Citadel also has plans to occupy eight floors at 830 Brickell, the first office tower developed in the city in over a decade, when it opens later this year. The new location is expected to serve as Citadel’s headquarters while development at 1201 Brickell Bay is underway.

Though Citadel has around 450 employees in Miami today and continues to establish itself in the area, the company maintains a Chicago office and is in the midst of expansions in New York and London. The company has 4,600 employees globally.