We can deduce that Tory isn't referring to latin phrases such as mea culpa in reference to an "ALL-LATIN PROJECT." He took to twitter, basically announcing that after he completing Memories Don't Die, he will work exclusively on said project.
The details regarding the project are unclear at this point in time. Never the less the allcaps tease, posted on his twitter account, is utterly suggestive of what direction he would like to take with his music in the near future.
Judging by the responses on Twitter, the proposed idea is generating a lot of interest amongst his fan base. Some users however were generally confused by the direction he was taking. Tory tends to be "all over the map" musically.
In the case of a project that reaches out to latinx artists there should be no shortage of ideas. In the past year, latinx artists have flooded the main charts. With popular artists like Cardi B playing both sides, that trend is likely to continue.
The quote end quote project would likely continue what is being referred to as the "despacito effect". It is in essence setting off a sprinkler system that directly coincides with the broadening definition of American culture. So it should came as no surprise that Tory is trying to keep up with these implications.