New Luxury Condos Set for Development in Palm Beach
In an exciting development for the affluent community of Palm Beach, Florida, Cain International and OKO Group have announced plans for a new luxury condominium project. This initiative marks the first residential construction the island town has seen in the last twenty years, where high-profile residents such as billionaires Stephen Schwarzman, Nelson Peltz, and former President Donald Trump have made their homes.
Project Overview
The planned development is comprised of three buildings, each five stories high. The two condo structures at 2730 South Ocean Boulevard will feature a total of 24 residential units, complemented by a 126-spot underground parking garage. The third building located at 2720 South Ocean Boulevard will offer 17 residences and will face the scenic Intracoastal Waterway. At this stage, no brand affiliation has been disclosed for the project.
Architectural Vision
Designed by OMA, headed by acclaimed Pritzker Prize winner Rem Koolhaas, alongside Spina O’Rourke + Partners from West Palm Beach, the development will encompass approximately 277,833 square feet.
Site History and Future Plans
In 2022, Oko and Cain acquired the 5-acre site for $147 million, which previously housed the Edgewater House and the Ambassador Palm Beach Hotel & Residences, structures built in 1967 and 1947, respectively. According to the developers’ application to the Palm Beach Architecture Committee, the existing buildings are outdated, lacking modern standards for design, functionality, and resistance to climate change.
Community Reactions
During a recent public meeting, members of the Architecture Committee expressed concerns regarding the project’s design. Some suggested that the proposed style may be more suitable for locations like Miami or Costa Rica, noting that Palm Beach is typically characterized by Mediterranean Revival and Midcentury architectural styles.
Reflecting on the feedback, Jason Kaye, director of development operations at Oko, stated, “We appreciate the Architectural Commission’s direct feedback and the opportunity to collaborate as we refine our vision for this ultra-luxury project. Our goal is to create a development that complements the South End and contributes positively to the Palm Beach community.”
Next Steps
The commission voted 4-3 to defer approval until their next meeting scheduled for May, with a review by the Town Council set for April 9. This proposed project represents a significant shift in Palm Beach’s real estate landscape, particularly in light of rising property prices seen since the pandemic and the limited availability of land on the island.
Market Context
Following a surge in demand, developers like Stephen Ross and Savanna have initiated luxury condominium projects across the Intracoastal Waterway in West Palm Beach, enhancing the competitive landscape of luxury real estate in the region.
Strategic Partnership
This venture further solidifies the collaboration between Oko, whose founder and CEO Vlad Doronin is also associated with the Aman luxury hotel brand, and Cain, a prominent developer and lender based in London. The partnership has previously completed notable projects, including 830 Brickell, a key office building in Miami, and a Missoni-branded condo tower, with ongoing work on another condo tower in Brickell.
For inquiries related to this development, please contact Julia Echikson at je*******@****************er.com.