The Aman Miami Beach is one step closer to breaking ground.
The project's developers, OKO Group and Access Industries, said Tuesday that they had secured a $277 million construction loan for the luxury hotel.
The property will be located at 3245 Collins Avenue, the site of the former Versailles Hotel.
According to OKO Group, which is helmed by Aman CEO Vlad Doronin, the project will involve "a sensitive restoration of the iconic Versailles Hotel." In addition to the hotel, the Aman Miami Beach will be home to 23 branded residences.
The Aman Miami Beach is projected to open in 2024 and will join three Aman locations in the U.S.: Amangani in Jackson Hole, Wyoming; Amangiri in Canyon Point, Utah; and the Aman New York, which opened last summer.
The Aman Miami Beach is one of a handful of high-profile, luxury hotel developments and redevelopments on track to debut in Miami Beach over the next few years.