OKO Group and Cain International won initial approval to move forward with their planned three-building oceanfront condo project in Palm Beach.
The proposed five-story, three-building complex has undergone multiple revisions since the first presentation to Palm Beach’s notoriously severe Architectural Review Commission (Arcom) in March. In the meeting on Wednesday, the developers got the green light to demolish the two existing condo buildings on the site, the Ambassador Palm Beach Hotel & Residences at 2730 South Ocean Boulevard, and Edgewater at 2720 South Ocean Boulevard.
The project was approved on the condition that several design details be revisited at the Feb. 25 Arcom meeting, including “increased landscaping, detailing of stone attachment, the railing design, the mechanical penthouse level, and the gates,” a town spokesperson confirmed.
Miami-based OKO is led by Vlad Doronin, who is also CEO of Aman Group. London-based Cain is a partnership between Jonathan Goldstein and Todd Boehly’s Greenwich, Connecticut-based Eldridge Industries. The partners bought the 4.9-acre site for $146.6 million in 2022.
OKO and Cain tapped the architecture firm OMA and William Sofield’s New York City-based Studio Sofield to handle the design of the project. A representative for the project at an August meeting said it would be Aman-branded, but OKO has denied that the project will be branded.
The planned condo project is slated to include 41 units. Plans shared in August showed that the top floor of each building will have a penthouse. Pricing has not been released for the condos, but sources say unit prices per square foot could top $5,000.
OKO and Cain’s project will be the first newly constructed condominium on the island in years. Residents at the meeting on Wednesday noted this would likely be the first of many redevelopments on the South End of Palm Beach, which has more than a dozen aging condo buildings, many that are receiving offers from developers.
Meanwhile, across the water, thousands of units are in development in West Palm Beach.
