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.

 

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Ed
6 years ago

Nice. Do we know what the max height is for this area? I don’t understand why all these buildings on SW 2nd and 1st are so low when you have NeoVertika and Lattitude that are at least 30 floors high.

Edin Coralic
6 years ago

According to FAA maximum hight for the area west of Brickell is only 10 floors,everything over it can jeopardize air traffic. Even Miami Heat players must stay away from Brickell.To tall.

Ed
6 years ago

But NeoVertika and Latitude are above 30 floors and they are West Brickell

Jake
6 years ago

Edin that is not true at all… The area is zoned T-6 24 which allows 24 stories by right and up to 48 stories through bonuses. Most of the new building being built in the area are right around 20 stories. Brickell Ten is 22 stories. The reason Neo Vertika /latitude and the projects along the water are taller is that they are in a T6-36 zone which allows for 36 stories by right and up to 60 stories with bonuses. Do a little research and open the zoning code….

Ed
6 years ago

THanks Jake

Edin Coralic
6 years ago

OkJake,good job.

anonymous
6 years ago

Setbacks are the only concern. They’ve put together a decent sized lot so they can probably build up to max height by right.

Eon
6 years ago

Where are the infrastructure projects to support these developments? The area is already horribly gridlocked. With Citycenter, it will only get worse…

Nice to see the urbanization and development of this area, but without the needed infrastructure improvements, I can’t say I’m excited about the project.

Obviously
6 years ago

Shessh, I’m tired of hearing that same ole worn out talking point about traffic gridlock every time a new development is annouced for Brickell. The area is undergoing a tremendous transformation so stop wringing your hands while worrying about traffic and just wait until all the dust settle. Everything is going to fall into place in Brickell.

marc
6 years ago

There is either a metro mover or metro rail station within 3 or 4 blocks of the majority of developments in Brickell. Infrastructure isn’t the issue. The thing is either the mass transit doesn’t take them where they want or they’re just too lazy to walk to said stations.

Obviously
6 years ago

The problem is most people who whine about traffic gridlock in Brickell don’t actually live there and don’t really spend any daily communting time by car there either.

anonymous
6 years ago

Exactly. Traffic does suck but that’s for people who commute into Brickell.

marc
6 years ago

Right and there’s plenty of ways to get anywhere in Brickell without having to drive your car into it.

Marc305
6 years ago

I live and work in Brickell. I walk to work and take the metromover whenever I can. However, I am aware that traffic is bad. Last month I had to drive a client to Latitude, a building that is 1.3 miles away from my office and it took us 43 minutes to get there. It is what it is.

anonymous
6 years ago

Walk. 25 minutes top.

marc
6 years ago

Yeah, I don’t understand. You work in Brickell and had to take someone somewhere in Brickell yet you drove?

Marc305
6 years ago

When you are showing properties north of $600K and your client just flew in from Europe you do not make him walk 1.3 miles… it’s just not done.

anonymous
6 years ago

So you’ll impress him by taking 45 minutes to go 1.3 miles?

Marc305
6 years ago

It’s not about impressing anyone “anonymous”, ladies with high heels just do not walk 1.3 miles, especially when it has been raining. Obviously you don’t do Real Estate, so stick to what you know.

anonymous
6 years ago

You said “him” in your 11-02-2015 16:43 post.

metromoverlover
6 years ago

I must burst your bubbles, traffic isn’t actually that bad in that bad.