Billionaire Michael Dell’s investment firm, BDT & MSD Partners, has issued a $55 million loan to OKO Group and Cain International for the predevelopment of a new condominium project in Palm Beach. The three-building development is planned for 2720 and 2730 South Ocean Boulevard, on a 4.9-acre site that formerly housed the Ambassador and Edgewater hotels.
OKO Group and Cain International purchased the property in 2022 for $146.6 million, financed in part by a $105 million mortgage from Dell’s MSD Capital. Michael Dell, founder and chairman of Dell Technologies, leads BDT & MSD Partners alongside co-CEOs Byron Trott and Gregg Lemkau. The firm also owns the Boca Raton Resort nearby and holds a minority stake in Auberge Resorts Collection.
Cain International is based in London and operates as a partnership between Todd Boehly’s Eldridge Industries of Greenwich, Connecticut, and Jonathan Goldstein. Miami-based OKO Group is led by Vlad Doronin, who also controls the Aman hospitality brand.
The project recently received approval from Palm Beach’s Architectural Review Commission after months of deliberation. It will consist of three five-story buildings with a total of 41 units. OMA, headed by Pritzker Prize-winning architect Rem Koolhaas, will design the buildings’ exteriors while Studio Sofield handles interiors.
A representative previously stated at an August meeting that the condos would carry the Aman brand; however, spokespeople for OKO and Cain later clarified that the project will not use Doronin’s luxury label.
Although pricing details have not been disclosed, sources indicate unit prices may exceed $5,000 per square foot—potentially making this one of Palm Beach County’s priciest developments.
This condominium project marks the first new construction of its kind on Palm Beach island in several years. The site lies within an area characterized by older condominiums where developers are reportedly offering buyouts to current residents. In neighboring West Palm Beach along Flagler Drive, similar redevelopment efforts are underway with thousands of residential units planned or under construction.
