Palm Beach Clears Way for OKO & Cain's Oceanfront Condo Redevelopment

Key Points:

• Palm Beach has granted conditional approval for a 3-building oceanfront condo project by OKO Group and Cain International on a 4.9-acre site the joint venture bought for $146.6 million in 2022.

• Developers plan to demolish two aging buildings—the Ambassador Palm Beach Hotel & Residences and the Edgewater—to make way for 41 luxury units.

• While demolition can proceed, final approval depends on design revisions to landscaping, stone detailing, railings, and other architectural elements, to be reviewed again in February 2026.

After months of design debates and community scrutiny, Palm Beach officials have cleared OKO Group and Cain International to move forward with a major oceanfront redevelopment. The project replaces two dated properties with three luxury condo buildings, signaling renewed appetite for ultra-high-end residential development on the island. Here’s what investors need to know about the project, the conditions imposed, and what it means for the Palm Beach luxury market.

Project Overview

Location & Deal

• Address: 2730 & 2720 South Ocean Boulevard, Palm Beach.

• Lot size: roughly 4.9 acres of oceanfront land.

• Purchase price: $146.6 million in 2022.

• Buildings to be demolished: Ambassador Palm Beach Hotel & Residences and Edgewater.

Proposed Development

• Three five-story buildings totaling 41 condo units.

• Includes penthouses and ground-floor residences with private outdoor spaces.

• Pricing is expected to exceed $5,000 per square foot, putting the development among the priciest in Florida.

• Earlier rumors suggested possible Aman branding, though OKO denied any hotel-flag affiliation.

Approval & Design Conditions

Palm Beach’s Architectural Review Commission (ARCOM) issued conditional approval—allowing demolition but requiring design refinements before final construction sign-off.

Revisions include:

• Enhanced landscaping for better integration with neighboring properties.

• Adjustments to stone detailing and railing designs.

• Revisions to mechanical penthouse layouts and gates for aesthetic conformity.

A follow-up ARCOM meeting is scheduled for February 25, 2026, to review and potentially finalize these adjustments.

Investor and Landlord Takeaways

Scarcity Premium
This marks the first major new condominium project on Palm Beach Island in years, offering rare fresh inventory in a market dominated by decades-old buildings.

Redevelopment Momentum
The approval could spark renewal of older condo assets across South Palm Beach, as developers see fresh opportunities to modernize existing beachfront properties.

Execution Risk
Although demolition is approved, design details remain under review. Final entitlements will depend on ARCOM’s February 2026 sign-off.

Luxury Market Indicator
Expected pricing above $5,000 per sq ft underscores the sustained demand for top-tier coastal residences targeting global ultra-wealthy buyers.

Location Advantage
Oceanfront property on Palm Beach remains one of Florida’s most coveted investment classes, offering insulation from oversupply risks faced by nearby inland markets.

A New Benchmark

Palm Beach’s green light for OKO Group and Cain International underscores the strength of luxury condo redevelopment on the island. The project could set a new benchmark for pricing and design quality while prompting other owners to reimagine aging oceanfront stock. For investors, this is a clear signal: ultra-luxury coastal redevelopment in Palm Beach is heating up again.