Billionaires Vlad Doronin and Len Blavatnik’s Aman Miami Beach development has secured new mezzanine financing, allowing the project to move forward after previous delays. The developers obtained $85 million in mezzanine debt earlier this month from Aman Miami Beach Mezz LLC, an affiliate of GoldenTree Asset Management based in New York. This follows more than $277 million in prior loans from Bank OZK in 2020 and 2023.
With the recent financing, Doronin’s OKO Group and Blavatnik’s Access Industries announced that vertical construction has begun at the site located at 3425 Collins Avenue. An OKO spokesperson 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.”
Completion of the condominium portion, originally targeted for 2024 and later delayed to 2026, is now scheduled for 2027. Delays were attributed to complex site work needed before starting vertical construction. Suffolk Construction, serving as general contractor, is currently working to complete one floor every two weeks following extensive foundation work that included deep soil mixing and building a two-story underground parking garage.
Developing underground parking on oceanfront sites like this is known to be both technically challenging and costly.
The residential component of the project—a 22-unit Aman-branded condominium within an 18-story tower—has been fully presold since 2021. The average sale price was $5,000 per square foot at that time, setting a record then; however, recent penthouse sales at other oceanfront projects have exceeded these prices. For example, a penthouse at Four Seasons Residences at the Surf Club recently sold for $6,700 per square foot ($38.2 million total), while another penthouse at Shore Club is under contract for over $11,000 per square foot.
The development also includes a 56-key Aman hotel in the historic Versailles structure next door. Kengo Kuma designed the new condo tower while Jean-Michel Gathy of Denniston is overseeing restoration of the Versailles Hotel.
Aman Miami Beach is part of a broader wave of high-end residential and hotel developments along Collins Avenue within the Faena District—the first Aman property in Florida. Doronin serves as chairman and CEO of Switzerland-based Aman Group.
The project neighbors Faena House, developed by Alan Faena with backing from Blavatnik; it opened in 2015 with buyers such as Ken Griffin and Jamie Dinan. Faena initially planned redevelopment of the Versailles site but canceled those plans in 2016 due to market conditions. Doronin joined forces with Blavatnik in 2020 to revive development efforts.
Despite early sellout during the pandemic period, Aman Miami Beach remains part of ongoing luxury development activity along Collins Avenue—including projects like Shore Club and Raleigh further south—though some properties are facing ownership changes or financial challenges.
