Billionaire Michael Dell’s investment firm, BDT & MSD Partners, has provided an additional $55 million loan to OKO Group and Cain International for a condominium project planned in Palm Beach. The funding will support the predevelopment phase of the three-building complex at 2720 and 2730 South Ocean Boulevard, according to a spokesperson.
OKO Group and Cain International acquired the nearly five-acre site in 2022 for $146.6 million, using a $105 million mortgage from Dell’s MSD Capital at the time. The property was previously home to the Ambassador and Edgewater hotels.
Michael Dell is known as the founder and chairman of Dell Technologies and has an estimated net worth of $132.6 billion. BDT & MSD Partners is led by co-CEOs Byron Trott and Gregg Lemkau. The firm also owns the nearby Boca Raton Resort and holds a minority stake in Auberge Resorts Collection.
Cain International, based in London, is a partnership between Todd Boehly’s Eldridge Industries of Greenwich, Connecticut, and Jonathan Goldstein. OKO Group is led by Miami-based billionaire Vlad Doronin, who owns Aman hospitality group.
After discussions with Palm Beach’s Architectural Review Commission, OKO Group and Cain International received approval last October to proceed with demolishing the old hotels and developing their condo project. The development will consist of three five-story buildings with a total of 41 units. OMA, led by architect Rem Koolhaas, has been chosen for the design while Studio Sofield will handle interiors.
Although it was previously indicated that the project would be Aman-branded during an August meeting, spokespeople have since clarified that these condos will not carry Doronin’s Aman brand.
Pricing details have not yet been released; however, sources suggest prices could exceed $5,000 per square foot. This would make it one of Palm Beach County’s most expensive residential developments.
This marks the first new construction condominium on Palm Beach island in several years. The site lies within an area populated by older condos where developers are reportedly making buyout offers to residents. In West Palm Beach across the waterway, similar redevelopment efforts are ongoing along Flagler Drive.
