Argentine Supermarket Family To Build Luxury Rentals In Brickell, Replacing Citgo

The family that owns the Coto Supermarket chain in Argentina plans to redevelop a Citgo gas station west of Brickell City Centre into luxury rentals.

Millennium Developments of Brickell LLC bought the Citgo at 190 SW 8th Street, which sits on 23,966 square feet of land in May 2014 for $9.25 million.

Late last month, a separate entity controlled by the same investors purchased two properties behind the Citgo totaling 16,500 square feet of land for $7 million. That brings the combined purchase price to $16.25 million for 40,466 square feet of land, or just above $400 per foot.

Millenium is controlled by German and Gloria Coto, whose family owns a Supermarket chain in Argentine. They also paid a record $125 million for the 1.25-acre Epic East property in front of Related Group headquarters last year.

A broker who arranged the assemblage told a local paper that they intend to build luxury rentals on the Citgo site. The property may require environmental remediation however, as petroleum contamination has been reported at the site.