Oko, Cain Land $55M for Palm Beach’s Aman Condo Development
By Julia Echikson January 23, 2026 12:35 pm
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OKO Group and Cain International nabbed $55 million for their upcoming Aman-branded, 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 development that will include three buildings, totaling 41 units. Aman, the luxury hotel chain owned by Oko Group’s founder Vlad Doronin, will brand the 277,833-square-foot development.
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.
The Aman 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.
Representatives for the Oko Group, Cain International, and BDT & MSD Partners did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
