Billionaires Vlad Doronin and Len Blavatnik are seeking approval for tweaks to the Aman Miami Beach luxury condo and hotel development that’s under construction.
At its meeting on Tuesday, the Miami Beach Planning Board will vote on a comprehensive plan amendment and floor area ratio (FAR) preservation incentive within the Faena District that would benefit the Aman project at 3425 Collins Avenue.
The oceanfront project will include a 22-unit Aman-branded condominium in a new 18-story building, and the 56-key Aman hotel in the historic Versailles structure, which is currently a shell.
The proposed changes would provide a 5,000-square-foot FAR bonus for the project. The increase in floor area is for the hotel, so that the developer can take advantage of empty space and make it mechanical space, according to a spokesperson for the development team. The spokesperson said it will not alter the height or exterior design of the Versailles building.
In August, an affiliate of New York-based Golden Tree Asset Management provided $85 million in mezzanine financing, adding to the $277 million-plus in debt provided by Little Rock, Arkansas-based Bank OZK in 2020 and 2023.
Also in August, Doronin’s Miami-based OKO Group and Blavatnik’s New York-based Access Industries announced the start of vertical construction.
The condo component has been fully presold for years for an average price of $5,000 per square foot, a spokesperson previously said. But construction was delayed in part due to complicated site work. It was previously expected to be completed in 2024, and more recently in 2026, but will be completed in 2027.
The condo tower was designed by Japanese architect Kengo Kuma. Jean-Michel Gathy of Denniston, who has designed hotels for Aman, Four Seasons, Cheval Blanc and St. Regis, is designing restoration and redevelopment of the Versailles Hotel.
The project will also include a two-story underground parking garage. The site is next to Faena House, an oceanfront luxury condo building completed in 2015 that attracted billionaire buyers who included hedge fund manager Ken Griffin and Jamie Dinan. Backed by Blavatnik, Alan Faena developed Faena House, Faena Hotel and Faena Forum. He planned to develop the Versailles site, but that project was canceled in 2016 due to the condo market slowdown. Doronin instead joined Blavatnik on the project in 2020.
Doronin is also chairman and CEO of Aman, the Switzerland-based ultra-luxury hospitality group.
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