Billionaires Vlad Doronin and Len Blavatnik’s Aman Miami Beach project has secured $85 million in mezzanine financing, allowing the delayed development to begin vertical construction. The loan was provided by Aman Miami Beach Mezz LLC, an affiliate of GoldenTree Asset Management based in New York. This new funding supplements over $277 million in debt previously issued by Bank OZK.
OKO Group, led by Doronin, and Access Industries, owned by Blavatnik, announced this week that vertical construction is underway at the oceanfront site located at 3425 Collins Avenue. A spokesperson for OKO stated, “The mezzanine 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.”
Suffolk Construction is serving as general contractor. With the foundation now completed after extensive below-grade piling and excavation work—including a two-story underground parking garage—the team aims to complete one floor every two weeks. Underground parking structures on oceanfront sites are recognized as both technically challenging and costly.
Originally expected to be finished in 2024 and later pushed to 2026, the condominium portion of Aman Miami Beach is now projected for completion in 2027 due to complicated site work delaying progress. The residential component consists of a fully presold 22-unit Aman-branded condominium within an 18-story tower designed by Japanese architect Kengo Kuma. The hotel element includes a 56-key Aman hotel housed within the historic Versailles structure, which remains under restoration.
Jean-Michel Gathy of Denniston is leading design efforts for the restoration and redevelopment of the Versailles Hotel. According to OKO’s spokesperson, all condo units sold out in 2021 at an average price of $5,000 per square foot—a record at that time. However, recent transactions such as a penthouse sale at Four Seasons Residences at the Surf Club have surpassed those figures; that unit sold for $6,700 per square foot ($38.2 million total). Another penthouse at Shore Club is reportedly under contract for more than $11,000 per square foot.
Aman Miami Beach represents the first Florida property from Switzerland-based ultra-luxury hospitality group Aman and forms part of the next phase within Miami Beach’s Faena District. The project sits adjacent to Faena House—a luxury condo building developed by Alan Faena with backing from Blavatnik—and other high-end developments along Collins Avenue.
Despite being fully presold early during the pandemic period, Aman Miami Beach joins several other luxury projects currently planned or underway along Collins Avenue’s oceanfront corridor.
