Billionaires Vlad Doronin and Len Blavatnik’s Aman Miami Beach development has secured $85 million in mezzanine financing from Aman Miami Beach Mezz LLC, an affiliate of GoldenTree Asset Management. The funding arrives as the project begins vertical construction at its site on 3425 Collins Avenue, following delays related to complex site work.
This new financing supplements over $277 million in debt provided by Bank OZK in 2020 and 2023. OKO Group, led by Doronin, is developing the project with Blavatnik’s Access Industries. 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.”
The condo portion of Aman Miami Beach was originally expected to be completed in 2024, then pushed to 2026, and is now anticipated for completion in 2027 due to delays caused by extensive below-grade piling, excavation, and construction of a two-story underground parking garage. Suffolk Construction is serving as general contractor and aims to finish one floor every two weeks now that the foundation work is done.
The residential component features a fully presold 22-unit Aman-branded condominium within an 18-story building designed by Kengo Kuma. The project also includes a 56-key Aman hotel housed in the historic Versailles structure, currently undergoing restoration by Jean-Michel Gathy of Denniston. The condos sold out in 2021 at an average price of $5,000 per square foot—a record at that time—but more recent sales have surpassed this mark; for example, a penthouse at Four Seasons Residences at the Surf Club recently sold for $6,700 per square foot (totaling $38.2 million), while another at Shore Club is under contract for over $11,000 per square foot.
Aman Miami Beach represents the next phase within the Faena District and marks Aman’s first property in Florida. Doronin serves as chairman and CEO of Switzerland-based Aman Group.
The development sits adjacent to Faena House—completed in 2015—which drew high-profile buyers like Ken Griffin and Jamie Dinan. Alan Faena previously planned to develop the Versailles site but canceled those plans amid a market slowdown; Doronin joined forces with Blavatnik on the current project in 2020.
Despite selling out early during the pandemic, Aman Miami Beach joins several other ultra-luxury developments along Collins Avenue such as Witkoff’s Shore Club—which has seen strong performance—and Michael Shvo’s Raleigh Hotel project further south.
