OKO Group and Cain International are proposing a three-building condo complex in Palm Beach, the island’s first new condo proposal in nearly 20 years.
The development would involve demolishing two existing condo buildings, the Ambassador Palm Beach Hotel & Residences at 2730 South Ocean Boulevard, and Edgewater at 2720 South Ocean Boulevard.
The developers tapped New York City-based OMA to design the buildings, which will each be five stories tall with a total of 41 units across 4.9 acres, according to planning documents filed with Palm Beach’s Architectural Review Commission.
The existing buildings were constructed in 1947 and 1967, and total 134 units. Property records show that in 2022 the deeds of both buildings were transferred to Florida LLCs registered to OKO. Records show OKO financed the acquisition with a $105 million loan from MSD Capital that year.
Miami-based OKO is led by Vlad Doronin, who is also CEO of Aman Group, and London-based Cain is helmed by Jonathan Goldstein. The firm is a partnership between Goldstein and Todd Boehly’s Eldridge Industries, based in Greenwich, Connecticut.
In their presentation to Palm Beach’s Architectural Review Commission (Arcom) last week, the developers referenced rising insurance costs and new condo safety regulations that are kneecapping units in South Florida’s aging buildings. It is notoriously difficult for developers to pass muster with Arcom, and further deliberation on the project was deferred to its May 28 meeting.
While Palm Beach has not had condo development in recent history, its neighbor West Palm Beach has seen an explosion of projects with thousands of units in the pipeline.