Coconut Grove is Miami’s billionaire enclave, drawing Larry Page and Ken Griffin. Now luxury hotelier Raffles is building 35 homes there from $4.5M

New York City and San Francisco have historically been the U.S.’s hotspots for the ultrawealthy—but in recent years, Miami has emerged as one of the most popular places to move. In the wake of a potential wealth tax in California and a new millionaires’ tax in Washington, Florida is a safe haven for billionaires trying to protect their fortunes (although not all will admit that’s the motive behind their move).

One of the world’s best-known hotel brands is betting that the wave of wealth will keep coming. Raffles is launching its first standalone residential building, with just 35 waterfront homes starting at $4.5 million in Miami’s Coconut Grove neighborhood, the luxury hotel brand and developers Mast Capital and BH Group told Fortune exclusively. 

“It’s a very upcoming market,” Omer Acar, CEO of Raffles & Orient Express, told Fortune. “We wanted to be part of it.”

Citadel founder Ken Griffin moved his firm to Miami in 2022, and last month committed $3 billion to Carnegie Mellon University, $2 billion of which will launch a CMU campus in the city. He paid $106.9 million for an estate in Coconut Grove in 2022, and Google cofounder Larry Page bought two Coconut Grove estates in late December and early January for........

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