Coto Family Proposes a 464-unit Residential Tower in Brickell
October 7, 2023
The Coto family, renowned for their involvement in the Aston Martin-branded condo project in downtown Miami, has unveiled plans for a new venture: a 464-unit residential tower in the heart of Brickell.
Under the banner of G&G Business Developments, led by Germán Coto, the proposal outlines a striking 55-story building poised to occupy an expansive 1-acre lot at the southeast intersection of Southwest Eighth Street and Second Avenue. Dubbed “Calle 8,” this visionary project is currently in the pre-application stage, with a submission made to Miami-Dade County in the past month.
Architected by BMA Architects, Calle 8 boasts a distinctive triangular design, achieved through tiered levels that elegantly recede on one side of the structure, as depicted in renderings. The commercial space spanning levels one through five offers two enticing possibilities. Developers are contemplating a concert hall option alongside an alternative featuring a retail complex, including a department store.
The application remains silent on whether the units will be offered as condominiums or apartments. G&G Business is actively pursuing a pre-application meeting with county administrators, a customary step to seek early input from Miami-Dade staff members regarding project viability before formal applications are submitted.
Historical records indicate that G&G Business affiliate entities acquired two lots at 190 Southwest Eighth Street for $9.3 million in 2014. The remaining two lots, forming part of the development site and located at 161 and 195 Southwest Ninth Street, were transferred to G&G’s affiliate for a nominal fee of $100.
The Coto family, hailing from Argentina, and their G&G Business base in Brickell have gained prominence as developers of the Aston Martin Residences. This 66-story, 391-unit condominium tower is currently under construction at 300 Biscayne Boulevard Way in Miami, occupying a waterfront location at the confluence of Biscayne Bay and the Miami River.
South Florida’s luxury condominium market has witnessed a surge in branded residences. PMG and its partners are crafting the region’s inaugural Waldorf Astoria-branded tower in downtown Miami. Similarly, Mast Capital is planning an 80-story Cipriani-branded condominium tower in Brickell, a move linked to the Cipriani family, known for the Mr. C Miami hotel in Coconut Grove and the Cipriani Downtown Miami restaurant in Brickell. They will also lend their brand to the Mr. C Residences in Coconut Grove.
In contrast, G&G’s application for the Brickell tower refrains from specifying a particular brand affiliation.
Brickell, traditionally recognized as Miami’s financial district, has evolved into a thriving residential center, witnessing a consistent influx of project proposals in recent months. Among these, developer Ricardo Dunin, in collaboration with Peruvian firm Edifica, envisions a 29-story, 459-unit condo-hotel project at 221 and 229 Southwest 11th Street in Brickell. Additionally, LORE Development Group formed through the partnership of Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário, proposes an ambitious 70-story, 500-unit apartment tower at the southeast intersection of Southwest 10th Street and Southwest First Avenue.
