Coto Family’s G&G Business Proposes Brickell Resi Tower
The Coto family, developers of the Aston Martin-branded condo in downtown Miami, propose a 464-unit residential tower in Brickell.
G&G Business Developments, led by Germán Coto, proposes a 55-story building on a nearly 1-acre lot on the southeast corner of Southwest Eighth Street and Southwest Second Avenue, according to a pre-application the firm filed to Miami-Dade County late last month. The project is called Calle 8.
Designed by BMA Architects, Calle 8 has a triangular-type shape that results from the levels receding back in a tiered way on one side of the building, renderings show. G&G Business is considering two options for the commercial space on levels one to five. One option is a concert hall and another option is for a retail complex that includes a department store, according to the application.
The filing does not specify if the units will be condos or apartments. G&G is seeking a pre-application meeting with county administrators, which developers generally request to obtain Miami-Dade staff members’ feedback on projects prior to filing official applications.
Records show that an affiliate of G&G Business bought two of the lots at 190 Southwest Eighth Street for $9.3 million in 2014. The other two lots that make up the development site, at 161 and 195 Southwest Ninth Street, were transferred to G&G’s affiliate for a nominal $100.
The Cotos, who are from Argentina and whose G&G Business is based in Brickell, are perhaps best known as the developers of Aston Martin Residences. The 66-story, 391-unit condo tower is under construction at 300 Biscayne Boulevard Way in Miami. The waterfront site is in an area where Biscayne Bay and the Miami River meet.
South Florida’s luxury condo market has experienced a boom in branded residences.
PMG and its partners are developing the tri-county region’s first Waldorf Astoria-branded tower at 300 Biscayne Boulevard in downtown Miami. Also, Mast Capital plans an 80-story, Cipriani-branded condo tower at 1420 South Miami Avenue in Brickell. The Cipriani family runs the Mr. C Miami hotel in Coconut Grove and the Cipriani Downtown Miami restaurant in Brickell. It also will brand the Mr. C Residences in Coconut Grove.
G&G’s application does not list a brand for its Brickell tower.
Brickell, long known as Miami’s financial district, has morphed into a residential hub, as well, with projects proposed at a steady pace in recent months. Developer Ricardo Dunin and Peruvian firm Edifica want to build a 29-story, 459-unit condo-hotel at 221 and 229 Southwest 11th Street in Brickell.
LORE Development Group, a venture between Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário, proposes a 70-story, 500-unit apartment tower on the southeast corner of Southwest 10th Street and Southwest First Avenue.
