Doronin’s OKO joins huge Miami deal

MIAMI – Vlad Doronin’s OKO Group, which owns the Aman brand,
has teamed up with South Florida PE firm Oak Row Equities to close on the $520
million purchase of Aimco’s 4.25-acre waterfront parcel in Miami’s Brickell
neighborhood with 485 feet of continuous Biscayne Bay frontage – the single
largest land acquisition in Florida – to develop a new hotel concept and
branded condo residences.

A third investor in the project is Maripose Real Estate and TYKO
Capital is the senior lender, providing a $464.5 million acquisition and
predevelopment loan.

The deal breaks down to $122.4 million per acre. It is considered
the most expensive sale of a development site in South Florida.

Oak Row and Mariposa reportedly put the property under
contract a year ago and likely brought in OKO later in the process. Throughout
this year, Oak Row made the required deposits, according to Aimco’s SEC filings.

Positioned in the heart of Miami’s Brickell financial
district, the overall site is zoned for over three million square feet of
development, allowing for multiple towers that can rise up to 1,049 feet. The
assemblage, the largest and last remaining developable site of this scale in
Brickell, will feature an ultra-luxury destination that “redefines the future
of holistic living and leisure.” The first phase of development will feature a
hotel and branded condominiums.

“This landmark acquisition represents a pivotal moment for
Miami and reinforces OKO Group’s long-term commitment to elevating the city’s
global profile,” said Doronin, founder and CEO, OKO Group. “Brickell’s final
remaining waterfront site of this scale provides a rare opportunity to create
an iconic mixed-use development that will set a new benchmark for design,
wellness, and luxury hospitality in the United States. We are pleased to
collaborate with Oak Row Equities, whose vision and expertise align with our
ambition to deliver enduring value and an unparalleled lifestyle experience for
residents and guests on Biscayne Bay.”

Oak Row Equities has developed Wynwood Plaza, the largest
mixed-use development in Miami’s Wynwood neighborhood and home to Amazon’s
South Florida headquarters and 509 new luxury rentals. Oak Row assembled the
land for this project in the largest off-market transaction in Wynwood’s
history.

OKO Group’s current U.S. portfolio includes 830 Brickell, a
Class A-plus office tower in Miami’s Brickell Financial District; two luxury
residential developments in Miami, Missoni Baia in Edgewater and Una Residences
in Brickell; Aman Miami Beach, spanning two oceanfront buildings at 3425
Collins Avenue; the Crown Building in New York City, which opened in 2022 as
Aman New York at Fifth Avenue and 57th Street; and One Beverly Hills, a
17.5-acre multi-billion dollar master planned development in partnership with
Cain International which will include Aman Beverly Hills hotel, branded
residences and private club.