16 November 2020
Oko Group showcases plans for Aman Hotel and condo in Miami Beach

OKO Group unveiled more details about its plans for the Aman Hotel & Residences in Miami Beach, the first U.S. location for its global brand.

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The project at 3425 Collins Ave. is a partnership between OKO Group, led by billionaire Vladislav Doronin, and Access Industries, led by Len Blavatnik, who helped develop much of the surrounding Faena District in the city.

New condos in the Faena District sold at high prices several years ago, and the developers are hoping to once again tap into the luxury market for the new condo.

The developers announced plans for the Aman in Miami Beach in late 2019, but more details haven’t been released on the size and design of the project until recently. The City Commission previously moved forward plans to increase the maximum height on the site by 47 feet, to reach 250 feet.

The city’s Historic Preservation Board will consider the application for the Aman on Nov. 10. The existing 16-story Versailles Hotel would be renovated, an addition from 1955 would be demolished, and a 16-story condo tower would be constructed. The new condo would have 41 units, averaging 2,450 square feet, plus a restaurant on the ground floor.

The renovated hotel building would have 56 hotel rooms and 23 condos. There would be a rooftop deck with a restaurant, bar and a big terrace.

The project would total 221,426 square feet, including 80,904 square feet of new construction, and have 91 parking spaces. There would also be a new pool and spa.

The Aman was designed by Revuelta Architecture and RJ Heisenbottle Architects.

“The proposed project will continue the patter that has made the Faena District a special place for residents a visitors alike – the preservation of important and invaluable historic buildings while injecting new life into the historic buildings and introducing new architecture and new uses that buoy the vibrancy and property values,” Akerman attorney Neisen Kasdin stated in the company’s application.

Officials with OKO Group declined comment. The company has yet to announce pricing of the condos.

Ana Bozovic, broker and founder of Analytics Miami, said condo sales volume has been very healthy in Miami Beach since the second quarter, as it recovered from a drop when the Covid-19 pandemic began. Year to date, sales of $1 million-plus condos in Miami Beach totaled 211, down 17.5% from a year ago.

“It is important to recall that luxury inventory had been piling up before coronavirus, so the overall drop in annual transaction volume means that clearing still has to occur,” she said. “Condos that are transacting are generally doing so at prices well off [below] cycle highs.”

As an oceanfront property, the Aman Hotel & Residences will probably be priced over $2,000 per square foot, Bozovic said. With an average unit size of 2,450 square feet, prices should be well over $3 million.

Year to date, only 53 condos in Miami Beach have sold for over $3 million, she added. In the Faena House condo, where most units are priced above that level, there has been one sale since Jan. 1 and one unit has a pending sale, Bozovic said.

“Given who the developer is, the project likely won’t be relying upon the thin, resale market buyer pool,” Bozovic said. “The developer is known for destination-type projects and has a globally-recognized brand…He will almost certainly deploy his extensive network to attract destination money to this project and to Miami Beach.”

Read the full story by Brian Bandell for South Florida Business Journal here: https://www.bizjournals.com/so...