Billionaires Vlad Doronin, Len Blavatnik Land $85M for Stalled Aman Project in Miami Beach
By Julia Echikson August 15, 2025 1:00 pm
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Billionaires Vlad Doronin and Len Blavatnik’s delayed oceanfront, Aman-branded condo and hotel development in Miami Beach is moving forward after securing an $85 million mezzanine loan from GoldenTree Asset Management.
The 18-story development will feature 22 condos and 56 hotel rooms at 3425 Collins Avenue in the Mid-Beach neighborhood, next to the Faena condo and hotel properties. The developers plan to complete a floor every two weeks.
“With the foundation of Aman Residences, Miami Beach nearing completion, we’re entering a pivotal stage in the project as the structure begins to rise visibly above grade,” Alan Chun, the chief operating officer of OKO Group, Doronin’s development firm, said in a statement.
The condo component, which has already sold out, will be housed within the new tower designed by Kengo Kuma, per a representative for Oko Group. The hotel component will be housed within the former Versailles Hotel, portions of which will be preserved.
Construction was initially planned to be done by 2024, but complications tied to a two-story, subterranean parking lot near the ocean have pushed back the delivery to 2027.
In 2013, Blavatnik’s Access Industries paid $100 million for the Art Deco, Roy France-designed Versailles Hotel, which sits on a 1.7-acre site. About a decade later, the joint venture commenced construction for the Aman-branded property, securing $277 million in financing from Bank Ozk.
Julia Echikson can be reached at jechikson@commercialobserver.com.
