Despite reports of a softening condo market, a new one may be on the way along the Miami River.
Riverwalk East Development, led by German Coto of Argentine supermarket chain Coto, and his wife, Gloria, revealed plans to build a 70-story luxury condo at a Miami River Commission meeting on March 15, according to commission chairman Horacio Stuart Aguirre.
“What’s not to like? And the answer is, ‘Nothing!’” Aguirre said. “It will make a significant contribution to the city of Miami skyline.”
The project will be constructed at 300 Biscayne Boulevard Way on a 1.25-acre parcel of land the development firm bought in July 2014 for $125 million, a record high for a property of its size in South Florida.
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The proposed 817-foot tower will include 384 residential units with 561 parking spaces.
Aguirre said the development will be home to “foreign buyers with big bucks.”
“It’s not families from Pinecrest coming to buy these condos,” he said. “I hope we have these buyers.”
The tower is tentatively dubbed Epic 2, after the site’s former moniker, Epic East. The 70th floor of the building, shaped like the sail of a boat, will feature a lighthouse.
“I call it ‘artistic architecture,’” Aguirre said. “As opposed to blasé, unimaginative square blocks they were building in the ’70s on Brickell. This is delightfully stylish.”