Billionaires Vlad Doronin and Len Blavatnik’s Aman Miami Beach project has advanced after securing $85 million in mezzanine financing from an affiliate of GoldenTree Asset Management. This follows previous debt of over $277 million provided by Bank OZK in 2020 and 2023.
OKO Group, led by Doronin, and Access Industries, owned by Blavatnik, announced the start of vertical construction at the oceanfront site located at 3425 Collins Avenue. The general contractor, Suffolk Construction, is now building one floor every two weeks following completion of complex foundation work that included extensive piling and excavation as well as a two-story underground parking garage built with deep soil mixing techniques. Underground parking construction near the oceanfront is recognized as particularly difficult and costly.
An OKO spokesperson said the new loan “reflects OKO Group’s ability to secure strategic financing and to position the project for continued momentum as we move through key construction milestones.”
The condo component was initially scheduled for completion in 2024 but then delayed to 2026; it is now expected to finish in 2027 due to complicated site work that postponed vertical progress.
Aman Miami Beach will consist of a fully presold, 22-unit condominium tower designed by Japanese architect Kengo Kuma and a 56-key Aman hotel housed in the historic Versailles structure. Jean-Michel Gathy of Denniston is overseeing restoration and redevelopment efforts for the Versailles Hotel. According to an OKO spokesperson, condos sold out in 2021 at an average price of $5,000 per square foot—a record at that time—though more recent penthouse sales on Miami Beach have surpassed this figure.
The development forms part of the Faena District and represents Aman’s first property in Florida. It sits adjacent to Faena House, which was developed by Alan Faena with backing from Blavatnik and completed in 2015. The area continues to see activity with other high-end projects such as Witkoff’s Shore Club development and Michael Shvo’s Raleigh project further down Collins Avenue.
Doronin serves as chairman and CEO of Switzerland-based Aman Group. Despite early sellout during the pandemic period, Aman Miami Beach joins several luxury residential developments reshaping Miami Beach’s oceanfront real estate market.
