Billionaires Vlad Doronin and Len Blavatnik’s Aman Miami Beach project has secured new financing and started vertical construction after previous delays. The development team obtained $85 million in mezzanine debt from Aman Miami Beach Mezz LLC, an affiliate of GoldenTree Asset Management based in New York. This funding supplements more than $277 million in loans previously provided by Bank OZK.
The project is located at 3425 Collins Avenue on the oceanfront in Miami Beach. Doronin’s OKO Group and Blavatnik’s Access Industries announced this week that vertical construction has begun, following completion of the foundation work.
A spokesperson for OKO said 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, the general contractor, is now building one floor every two weeks after finishing complex below-grade work. The construction included a two-story underground parking garage built with deep soil and triple soil mixing techniques. Underground parking on oceanfront sites presents additional challenges and costs due to site conditions.
The residential portion of Aman Miami Beach, a 22-unit condominium tower designed by Kengo Kuma, was fully presold in 2021 at an average price of $5,000 per square foot according to OKO’s spokesperson. At the time, this set a record for price per square foot in the area. However, more recent sales have surpassed that benchmark; for example, a penthouse at Four Seasons Residences at the Surf Club sold for $6,700 per square foot in late July for a total of $38.2 million. Another penthouse at Shore Club is reportedly under contract for over $11,000 per square foot.
The Aman Miami Beach project also includes a 56-key hotel inside the historic Versailles structure next door to Faena House—a luxury condo completed in 2015 that attracted buyers such as Ken Griffin and Jamie Dinan. Jean-Michel Gathy is leading restoration and redevelopment efforts on the Versailles Hotel.
Completion of Aman Miami Beach was originally targeted for 2024 but has been pushed back several times due to complicated site work; it is now expected to finish in 2027.
This development marks the first Aman property in Florida and forms part of ongoing ultra-luxury projects along Collins Avenue within Miami Beach’s Faena District.
Doronin joined forces with Blavatnik after Alan Faena canceled earlier plans for the Versailles site amid a market slowdown in 2016. Despite early sell-out during the pandemic period, Aman Miami Beach joins other high-end developments underway or planned nearby—including Shore Club and Raleigh—amid continued demand for luxury real estate along this stretch of coastline.
