Demolition Wraps at OLIN Palm Beach as OKO Group and Cain Prepare South End's First New Condo in Two Decades

The old Ambassador is gone, and Palm Beach's South End is about to get its first new condominium construction in more than 20 years.

Crews working for OKO Group and Cain have reduced the former Ambassador Hotel and Residence and the adjacent lakeside building long known as the Edgewater to piles of debris at 2720 and 2730 South Ocean Boulevard. According to an October 15 construction update from the development team, demolition should be complete by the end of October. A construction start date has not been set, but vertical work is expected to follow shortly after the site is cleared.

What is replacing the Ambassador

OLIN Palm Beach will span the island from the Atlantic to the Intracoastal with three five-story buildings and a combined 32 residences, a steep cut from the roughly 135 units that occupied the two older properties. Two buildings will sit on the oceanfront parcel and one on the lake side of South Ocean Boulevard, each with underground parking.

The Ocean Building is planned with nine half-floor and full-floor homes with private elevator entry and a full-floor penthouse facing the Atlantic. The Garden Building, set closest to South Ocean Boulevard and organized around a landscaped courtyard, holds 11 residences. The Lagoon Building on the west parcel will carry 12 homes looking across the Intracoastal toward the West Palm Beach skyline, topped by its own full-floor penthouse.

OMA, the firm founded by Rem Koolhaas, designed the architecture, with interiors by Christine and John Gachot of GACHOT. Spina O'Rourke Partners is architect of record and Nievera Williams Design is handling the landscape. Renderings show deep overhangs, limestone arches, floor-to-ceiling glass and wood and bronze detailing. The project totals about 273,700 square feet.

Sales and pricing

Corcoran Sunshine Marketing Group has been named exclusive sales and marketing agent, with a team led by Shelly Newman and Jared Seligman. A formal sales launch date has not been announced, but the project's inquiry form sorts buyers into bands of up to $20 million, up to $30 million and over $40 million, signaling some of the highest asking prices on the island. Corcoran Group president and CEO Pamela Liebman called the project an extraordinary addition to one of the country's most sought-after residential markets.

How it got here

OKO Group, led by chairman and CEO Vlad Doronin, and Cain, the London-based investment firm founded by Jonathan Goldstein, acquired the two properties in October 2022 through three simultaneous transactions totaling $147.6 million. The Palm Beach Architectural Commission signed off on most of the design in October 2025, and the Town Council approved a set of building-code variances in November 2025. The remaining design details cleared the commission in June 2026, after which early demolition work began.

The most recent new condo delivered on the South End was Bellaria at 3000 South Ocean Boulevard, completed in 2006.