Cain and Oko Unveil Palm Beach’s First New Condo Project in 20 Years

Cain International and OKO Group have unveiled plans for a luxury condo development in Palm Beach, Fla., the first new residential construction in two decades on the uber-wealthy island town that counts billionaires Stephen Schwarzman, Nelson Peltz and President Donald Trump as homeowners. 

The property will feature three condo buildings, each five stories tall. Two will be at 2730 South Ocean Boulevard, facing the ocean, housing 24 residential units in total and a 126-spot underground parking garage. The third will be across the street at 2720 South Ocean Boulevard, facing the Intracoastal Waterway, with 17 residences. The application did not name a brand. 

OMA, the world-renowned architectural firm of Pritzker Architecture Prize winner Rem Koolhaas, and West Palm Beach-based Spina O’Rourke + Partners, have designed the 277,833-square-foot development. 

In 2022, Oko and Cain paid $147 million for the 5-acre site, which holds the Edgewater House and the Ambassador Palm Beach Hotel & Residences, which were built in 1967 and 1947, respectively. 

“The existing buildings on the site are antiquated in design and functionality, lack efficiency, are architecturally insignificant, not built to today’s building code, not built to withstand today’s windstorm, and not built for global climate change or 21st century forces,” according to the developer’s application to the Palm Beach Architecture Committee. 

Still, some committee members at last week’s public meeting raised concerns about the design of the development, saying it was a better fit for Miami or Costa Rica rather than Palm Beach, where Mediterranean Revival and Midcentury styles are dominant.

“We appreciate the Architectural Commission’s direct feedback and the opportunity to collaborate as we refine our vision for this ultra-luxury project,” Jason Kaye, Oko’s director of development operations, said in a statement provided to Commercial Observer. “Our goal is to create a development that complements the South End and contributes positively to the Palm Beach community.”

The commission voted 4-3 to punt approval for the project until its next meeting in May. The Town Council is scheduled to review the development April 9.

Oko and Cain’s project marks the first new condo development in Palm Beach in 20 years. Since the pandemic, real estate prices have skyrocketed across the tony island town, where available land is scarce. 

In response, developers — including Stephen Ross and Savanna, among others — launched luxury condo projects across the Intracoastal Waterway in West Palm Beach. 

The development is the latest partnership between Oko, whose founder and CEO Vlad Doronin also owns the Aman luxury hotel chain, and Cain, a London-based developer and lender. 

In Miami, the pair have completed 830 Brickell, Miami’s trophy office building, and a Missoni-branded condo tower. A condo tower in Brickell remains under construction. 

Update: The story was updated to include a statement from Jason Kaye.

Julia Echikson can be reached at jechikson@commercialobserver.com.