Aman Miami Beach

Building facts

Address

3425 Collins Avenue

Neighborhood

Miami Beach

Year built

2024

Floors

18

Residences

22

Status

Pre-Construction

Developer

OKO Group

Architect

Kengo Kuma and Associates

Pricing

Call For Details

Aman Miami Beach pairs a restored 1940 Versailles Hotel with a new 18-storey Kengo Kuma tower at 3425 Collins Avenue in the Faena District — 56 hotel keys, an Aman Club, and just 22 branded residences.

Those 22 residences sold out in 2021 at roughly $5,000 per square foot. Five years later the building is still going up. This page is about what happened in between, because it is the most instructive thing on the record here.

By Josh Stein — Miami real estate associate, Florida license SL3057661. Selling Miami luxury property since 2002, with more than $1 billion closed.

What Is Being Built

Two buildings on one oceanfront site totalling roughly 444,000 square feet: the restored Versailles Hotel as the hotel component, and a new 18-storey residential tower beside it, approved at 221 feet. Below both sits a two-level underground garage — which turns out to matter enormously.

56 hotel rooms and suites, an Aman Club, a 20,000 square foot Aman Spa, and 22 branded residences. Note two small discrepancies: OKO Group’s own portfolio page says 55 keys where Aman and everyone else say 56, and the residence count was 23 from 2020 through late 2024 before settling at 22. Nobody explains either.

OKO Group (Vladislav Doronin) and Access Industries (Len Blavatnik) are the developers — described as equal partners in 2021, though later coverage casts Access more as financial backer. Access bought the site for $100 million in 2013. Kengo Kuma & Associates designed the residential tower — the practice’s first residential tower in the United States — with Revuelta Architecture International and RJ Heisenbottle Architects as architects of record, the latter on historic preservation. Jean-Michel Gathy of Denniston handles the Versailles building and interiors. Suffolk Construction is the general contractor.

The Versailles, and What Preservation Actually Means Here

The Versailles Hotel, built in 1940 by architect Roy F. France, is a contributing structure in both the locally designated Collins Waterfront Historic District and the National Register-listed Collins Waterfront Architectural District. It stands 151 feet.

What is actually happening to it is more complicated than “preserved.” The approved scheme renovates and restores the existing 16-storey Versailles tower and demolishes its 1955 south addition. As of late 2025, the Versailles “is currently a shell” — gutted, and out of service for well over a decade. Sources disagree on when it closed: one says vacant since 2011, another says closed since 2013.

So: the historic tower is being retained and restored as the hotel. A 1950s wing is gone. It is not preserved intact, and it is currently an empty structure awaiting the least-reported half of this project.

The preservation fight was real. Existing zoning allowed 203 feet; the developers sought 250. Faena House owners — including Ken Griffin, Lloyd Blankfein, Jamie Dinan, Idan Ofer and Alan Howard — opposed it. Twenty-seven of thirty-eight non-conflicted Faena House owners objected at the September 2020 planning board. The Historic Preservation Board unanimously recommended the commission reject the height ordinance. The commission approved it anyway, 5–2.

“will pave the way for the next one, and the next one, until the historic skyline of Miami Beach is unrecognizable.”

Steven Avdakov, registered architect, writing for the Miami Design Preservation League — October 2020

The design was then reduced to 221 feet and approved by the Historic Preservation Board 6–1 in February 2021, at which point former opponents came onside. MDPL supported the revision but recorded unresolved concerns about the new tower’s proximity to the Versailles, and required that the commitment to restore the Jack Stewart Apollo Mural at no cost to the city be written into the final order.

One loose end: the FAA cleared the site for up to 252 feet in October 2024, against the 221 feet the preservation board approved. FAA clearance is a ceiling rather than an entitlement, but no source reconciles the two figures.

Where Construction Actually Stands

Vertical construction began in August 2025 — not 2024, despite one report saying otherwise. By 5 November 2025 the team expected to pour the fifth floor before Thanksgiving, with topping out “into the new year.”

“Construction is progressing rapidly at this point… You’ll see the residential tower is starting to come above ground. We’re going to be pouring the fifth floor before Thanksgiving, and then it will continue to top out into the new year.”

Neisen Kasdin, representing the Aman development team, at the Miami Beach Planning Board — November 2025

⚠️ And that is the most recent construction reporting that exists. No credible source has published a construction update on this project at any point in 2026. Whether the tower topped out, and where it stands now, is unknown. OKO Group’s portfolio page says only “Under Construction.”

Do the arithmetic: five floors of eighteen in November 2025, at a stated pace of roughly one floor every two weeks, puts topping out around mid-2026 — later than the “early 2026” the developer targeted.

The delay has a stated cause, and it is credible: below-grade work. Deep soil mixing, trench soil mixing, groundwater mitigation, and two full basement levels on a beachfront site. The foundation used auger cast piles and a mat slab taking 2,800 cubic yards of concrete.

“Beachfront projects in Miami often require some ground improvement, but this site demanded a particularly robust program because of its two full basement levels.”

Zharel Silva, senior superintendent, Suffolk Construction — September 2025

Five Years, Five Delivery Dates

Published	Delivery stated
June 2022	2023
January 2023	2024 (one outlet) / 2025 (another, same day)
October 2024	mid-2027
August – December 2025	2027
Current — Aman’s own site	2028

That is a four-to-five-year slip on a building that was already sold out. Contracts signed in 2021 against an original 2023 delivery now face 2027 or 2028. Deposits have been held for five years.

And there is a live, unreconciled discrepancy right now: Aman — the brand operator — publishes 2028 on its own website. OKO Group’s last public statement said 2027. Those are the two parties who would know. Until they agree, assume the later date.

The Ownership Point Nobody Mentions

This is the structural fact that distinguishes Aman Miami Beach from every other branded residence in this market, and it cuts both ways.

Vladislav Doronin owns Aman and owns OKO Group. He is Chairman and CEO of Aman, which he acquired in 2014, and he is the founder of the developer. The brand licensor and the developer are under common control.

The positive reading: nobody is more motivated to protect the Aman standard than the man who owns Aman. The brand cannot be casually withdrawn from his own building.

The cautious reading: on a conventional branded residence, the brand is an independent party with its own reputation at stake, policing the developer. That check does not exist here. If schedule or specification slips, there is no outside brand holding the line — and the 2027-versus-2028 discrepancy between the two entities is a small illustration of how that plays out.

Worth knowing alongside it: Aman Group is in an aggressive capital-raising phase. It sought up to $2 billion in 2025, having raised $900 million from Saudi PIF and Cain International in 2022 and $360 million from Mubadala Capital and Alpha Wave in 2023. In July 2026 Aman launched a $500 million luxury hotel fund with South Korea’s Shinsegae.

What to Verify — Whether You Own or Want In

There is nothing to buy from the developer. If you are a 2021 contract holder, or looking for a resale, these are the things that matter.

1. What is the contractual outside date, and has it passed? On a five-year slip against a 2021 contract, this is the whole question. Florida purchase agreements carry outside dates and rescission rights. Have your counsel read yours.

2. Has the tower topped out? Nobody has published anything in 2026. Ask the developer directly and ask for photographic evidence with a date.

3. Where do the deposits sit, and have they been released? Five years is a long time for escrowed funds. Get the escrow arrangement in writing.

4. The sponsor has an active ground-conditions claim on another Miami tower. In April 2026 OKO Group sued four insurers for $22 million over uneven settlement at Missoni Baia in Edgewater, which OKO says caused at least a 16-month delay in obtaining temporary occupancy. OKO claims nearly $56 million in damages, of which insurers paid $34 million. Different project — but directly relevant to sponsor track record on difficult ground and schedule, which is exactly the risk here.

5. The mezzanine layer. $85 million from GoldenTree Asset Management in August 2025, on top of $277M+ of Bank OZK senior debt — roughly $362 million total. Mezzanine debt is more expensive and structurally junior. Adding it three years after the senior loan closed, in year one of vertical construction, tells you something about carrying costs during the delay.

6. The Versailles restoration is the least-reported half of the project and it is the amenity base for the residences. Ask for its schedule specifically, not the tower’s.

7. On resale: no resale or record sale at this building has ever been reported. The $5,000 per square foot average describes 2021 contracts, not today’s market. Anyone quoting it as a current value is quoting a five-year-old number.

Mid-Beach Around It

The site sits in the Faena District on Mid-Beach, immediately beside Faena House — whose owners fought the height increase and later stood down, and which has had its own construction-defect litigation. This is one of the most concentrated pockets of ultra-wealth in the United States, and 22 residences is genuinely scarce product in it.

That scarcity is the case for the building, and it survives the delays. What it does not survive is being told a 2021 price is a 2026 value.

Comparables and context: Miami Beach, Surfside, Bal Harbour, and the full new construction pipeline. Market picture in Miami luxury condos.

If you hold a contract here and want the schedule and escrow questions answered properly, or you are watching for the first resale, start a conversation.

Since2002Selling Miami luxury

Closed$1B+In career sales volume

Years24In this market

Buildings478Tracked across Miami

Aman Miami Beach: frequently asked questions

Can you still buy a residence at Aman Miami Beach?

Not from the developer. All 22 residences were fully presold by 2021, at an average of roughly $5,000 per square foot with about 90% of buyers American. Any availability would be a resale, and no resale at this building has been reported by a credible source.

When will Aman Miami Beach open?

The two parties disagree. Aman’s own website says 2028; OKO Group’s last public statement said 2027. The project was originally scheduled for 2023, then 2024, then 2025, then mid-2027 — a slip of four to five years. Assume the later date until they reconcile.

Is Aman Miami Beach under construction?

Yes, but early. Vertical construction began in August 2025 and the tower was on its fifth of eighteen floors in November 2025. No credible source has published any construction update in 2026, so whether it has topped out is unknown.

What is happening to the historic Versailles Hotel?

The 1940 Versailles tower, by architect Roy F. France, is being restored and will serve as the hotel. Its 1955 south addition was demolished. As of late 2025 the building was described as a shell — it has been out of service for over a decade. It is a contributing structure in the Collins Waterfront Historic District.

Who is developing Aman Miami Beach?

OKO Group, founded by Vladislav Doronin, with Access Industries, Len Blavatnik’s firm, which bought the site for $100 million in 2013. Importantly, Doronin also owns Aman itself — so the developer and the brand licensor are under common control, which is unusual for a branded residence.

How many residences and hotel rooms will there be?

22 branded residences and 56 hotel rooms and suites, plus an Aman Club and a 20,000 square foot spa. The residence count was reported as 23 from 2020 until late 2024. OKO Group’s own portfolio page lists 55 keys rather than 56. Neither discrepancy has been explained.

Why has Aman Miami Beach taken so long?

The stated cause is below-grade work — deep soil mixing, trench soil mixing, groundwater mitigation and two full basement levels on a beachfront site, alongside the historic facade preservation. Suffolk Construction’s superintendent described the ground-improvement program as unusually robust because of the two basement levels.

Sources and further reading

• The Real Deal — Doronin and Blavatnik’s Aman Miami Beach ProgressingVertical construction start, the $85M GoldenTree mezzanine loan, the ~$5,000/sq ft sellout and the stated cause of delay. Published 14 August 2025.
• The Real Deal — Ken Griffin’s Yacht Marina and Aman Miami Beach ApprovedThe most recent construction datapoint: fifth floor before Thanksgiving 2025, and the FAR preservation incentive approval. Published 5 November 2025.
• The Real Deal — Doronin, Blavatnik Seek OK for Aman Miami Beach ChangeThe delivery-slip summary, the 22-residence count and total debt position. Published 31 October 2025.
• The Real Deal — Aman Miami Beach Developer Secures Approval From Historic BoardThe 6–1 Historic Preservation Board approval, the reduction to 221 feet and the demolition of the 1955 addition. Published 9 February 2021.
• The Real Deal — Billionaires vs Billionaires: Developers Seek Height Increase for Aman TowerThe named Faena House opposition to the height increase. Published 27 July 2020.
• The Real Deal — Miami Beach Approves Zoning Change Allowing for Aman TowerThe 5–2 commission vote against the preservation board’s unanimous recommendation. Published 14 October 2020.
• The Real Deal — Doronin and Blavatnik Score $242M Construction LoanThe Bank OZK construction financing and the fully-presold condo component. Published 10 January 2023.
• The Real Deal — Inside OKO Group and Oak Row’s South Florida ProjectsThe Versailles described as a shell, the sold-out status and confirmation that Doronin owns Aman Group. Published 26 December 2025.
• Bisnow — OKO Group Seeks $22M From Insurers of Missoni BaiaThe sponsor’s settlement claim on another Miami tower and the 16-month delay it caused. Published 8 April 2026.
• Miami Design Preservation League — Positions at the February 2021 Historic Preservation BoardMDPL’s conditional support, the balcony exception and the Apollo Mural restoration requirement. Published 9 February 2021.
• Aman — Aman Miami Beach official pageThe brand operator’s own 2028 opening date, 56 keys and 22 residences. Accessed 4 August 2026.

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