Oko, Cain Land $55M for Palm Beach’s Lux Condo Development
By Julia Echikson January 23, 2026 12:35 pm
reprints
OKO Group and Cain nabbed $55 million for their upcoming oceanfront condo development in Palm Beach, Fla. — the first new condo development on the uber-wealthy island town in about two decades.
The financing from Michael Dell’s BDT & MSD Partners covers the Ambassador Palm Beach Hotel & Residences at 2774 South Ocean Boulevard, which faces the ocean, and the Edgewater House, which sits across the street at 2720 South Ocean Boulevard, property records show.
Both structures, which date back to 1967 and 1947, will be demolished. Last year, the Palm Beach Architectural Review Commission approved plans for a new, 277,833-square-foot development that will include three buildings, totaling 41 units.
OMA, the world-renowned architectural firm of Pritzker Architecture Prize winner Rem Koolhaas, is the architect. In 2022, the joint venture paid $147 million for the assets, which sit on a 4.9-acre site.
“OKO Group and Cain International have secured additional financing from BDT & MSD Partners to fully capitalize the project’s pre-development phase,” per a statement from the joint venture.
Although Oko Group founder and CEO Vlad Doronin owns the Aman luxury resort chain and is developing two Aman-branded condominium projects in the Miami area, the Palm Beach development will not carry the Aman brand, an Oko Group spokesperson told Commercial Observer. Another brand will be named.
The endeavor would mark Palm Beach’s first new condo development in about two decades. Few developable parcels remain on the island town, which also has strict low-density zoning laws and design criterias.
To service the demand coming from wealthy Northerners moving to Florida during the pandemic, many developers, including Stephen Ross, Related Group and Savanna, are building projects across the Intracoastal Waterway in West Palm Beach.
For Oko Group and Cain International, the project marks their fifth together in South Florida. Three years ago, they completed 830 Brickell, Miami’s first stand-alone office tower in a decade, which attracted high-profile tenants such as Microsoft and Citadel.
Other condo projects have also been completed, including the Missoni-branded tower and the Una building in Miami, while a project in Fort Lauderdale has yet to break ground.
BDT & MSD Partners did not immediately respond to requests for comment.
Correction: A previous version of the story incorrectly stated that Aman will serve as the brand for the Palm Beach project. The story was also updated to include a statement from Oko Group and Cain International.
Julia Echikson can be reached at jechikson@commercialobserver.com.
