Billionaires Len Blavatnik and Vlad Doronin are partnering to build the first Aman-branded development in the Miami area.
Blavatnik’s Access Industries and Doronin’s OKO Group plan to build two towers on the site of the former Versailles Hotel at 3425 Collins Avenue in Miami Beach, according to a press release. The hotel and branded condos will be part of the Faena District. Doronin is also chairman and CEO of Aman, a luxury hotel group based in Singapore.
Developer Alan Faena, who built the Miami Beach neighborhood with the backing of Blavatnik, canceled his plans for a condo development on the site in 2016 after the luxury condo market slowed down. Faena is not involved in the Aman development, a spokesperson said.
The district, which opened in 2015, has more than 1 million square feet of mixed-use development, including the Faena Hotel Miami Beach, Faena Forum and Faena House. Access Industries secured a $140 million loan for the area last year.
The development site is currently home to the gutted Versailles Hotel, which was built in 1940 and designed by architect Roy France. It’s been empty since 2011.
Doronin said in the release that he has been looking for a location in Miami for many years. His OKO Group is developing the Missoni Baia condo tower in Miami’s Edgewater neighborhood and 830 Brickell, an office tower in Miami anchored by WeWork.
In the U.S., the Aman-branded towers will be one of four Aman projects. Aman New York is under construction in the Crown Building and expected to open in the fourth quarter of next year. The hotel brand also has locations in Jackson Hole, Wyoming; and in Canyon Point, Utah. Aman has 39 locations around the world.
Read the full article: https://therealdeal.com/miami/?p=605650