Billionaires Vlad Doronin and Len Blavatnik have secured new financing for the delayed Aman Miami Beach project, allowing vertical construction to begin at the oceanfront site on 3425 Collins Avenue. In early August, the development received $85 million in mezzanine debt from Aman Miami Beach Mezz LLC, an affiliate of GoldenTree Asset Management based in New York. This follows over $277 million in previous loans from Bank OZK in 2020 and 2023.
A spokesperson for OKO Group 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 condominium component, originally scheduled for completion in 2024 and then pushed to 2026, is now expected to finish in 2027. Delays were caused by complicated site work. Suffolk Construction, the general contractor, is now building one floor every two weeks after completing foundation work that included deep soil mixing and excavation for a two-story underground parking garage.
Underground parking near the ocean presents challenges due to its complexity and cost.
The condo portion has been fully presold since 2021 at an average price of $5,000 per square foot, according to OKO’s spokesperson. While this set a record at that time, recent sales have surpassed it. For example, a penthouse at Four Seasons Residences at the Surf Club recently sold for $6,700 per square foot ($38.2 million total), and another penthouse at Auberge-branded Shore Club is under contract for more than $11,000 per square foot.
The project will feature a new 18-story tower with 22 Aman-branded condominiums and a 56-key hotel located within the historic Versailles structure. Kengo Kuma designed the condo tower; Jean-Michel Gathy of Denniston is leading restoration of the Versailles Hotel.
Aman Miami Beach represents the next phase within Faena District and will be Florida’s first Aman property. Doronin serves as chairman and CEO of Switzerland-based Aman Group.
The development sits adjacent to Faena House—completed in 2015—which attracted high-profile buyers such as Ken Griffin and Jamie Dinan. Alan Faena had planned redevelopment of the Versailles site but canceled those plans during a market slowdown in 2016 before Doronin joined Blavatnik on this project in 2020. The Aman Miami Beach sold out early during the pandemic amid increased demand for luxury condos along Collins Avenue.
Other nearby projects include Witkoff’s Shore Club—which continues strong sales—and Michael Shvo’s Raleigh development further south; however, there are reports Shvo could lose control of Raleigh to Nahla Capital.
