The long-discussed redevelopment of a key downtown parcel is moving forward.
Local development group Jebcore Companies and WMG Development, in partnership with Hilton, have announced plans for the Waldorf Astoria Residences Sarasota, an 18-story luxury residential tower slated for the prominent Five Points site.
The project, located at 1390 Main Street and 40 South Pineapple Avenue, will involve the demolition of the 12-story Zenith Building—a structure built in 1972 that has long drawn criticism for its bulky profile and deep setbacks. WMG Development acquired the 1.19-acre property, including its attached parking structure, for $24 million in 2023.
The new tower, designed by ODP Architecture & Design with interiors by Workshop/APD, will feature 86 private residences, spanning one- to five-bedroom units and penthouses. It will introduce the Waldorf Astoria brand to the Sarasota market for the first time.
Focus on Streetscape and Commercial Use
Developers emphasized that the design is intended to correct the Zenith Building’s isolation from street-level activity.
“That Five Points site deserves a stronger presence,” said Sadek Omar, Partner at Jebcore Companies. “We’ve worked with the Downtown Sarasota Condominium Association and neighbors and listened. It’s an opportunity to improve a key intersection and it feels like a privilege to help reshape it.”
The plans dedicate substantial space to public engagement, including:
• 42,000 square feet of Class A commercial and office space across the ground and second floors, with plans for a restaurant and bar.
• Ground-floor activation through wider sidewalks and shade trees.
The building also outlines over 50,000 square feet of exclusive residential amenities, including a resort-style pool deck, spa, movie theater lounge, golf simulator, and unique resident services such as a house car and a private day yacht.
Cost, Pricing, and Market Uncertainty
The City’s approval of the project comes with an understanding of its position in the region’s highly competitive luxury market. The developers have included seven attainable units under the city’s bonus density program in the overall plan.
While final pricing has not been released, Waldorf Astoria-branded residences in other markets typically command substantial figures, often starting in the low millions and rising into the tens of millions for larger floor plans.
Developers acknowledged that the economic climate presents variables for the project, which is dependent on delivering a high-quality product in a cooling environment. Construction is not anticipated to begin until late 2026.
“There’s some uncertainty due to things like tariffs affecting costs, and we’re seeing a pullback in the condo market,” Omar noted.
The project is currently proceeding through the planning stages, with sales to be represented by Michael Saunders & Company.
