Interior demolition of the former Zenith Insurance building in downtown Sarasota is nearly complete, according to the developer, marking an early step toward replacing the office building with a luxury condominium tower.
Waldorf Astoria Residences Sarasota, an 84-unit, ultra-luxury condominium complex, is set to come to the Five Points area downtown, at the intersection of Main Street, Pineapple Avenue and Central Avenue. The building previously sold in 2023 for $24 million.
The project is being developed by Sarasota-based real estate firm Jebcore Companies, in partnership with national real estate investment company WMG Development and leading hospitality company Hilton. It is set to be the first standalone Waldorf Astoria Residences in the area,
according to a news release.
The management companylaunched sales for the condominiums in February, with units ranging from $2.2 million to more than $20 million, not including the Penthouse collection. Michael Saunders & Company is exclusively leading the sales, according to past reporting by the Herald-Tribune.
Sadek Omar, managing partner at Jebcore, said that "select availability remains," due to the demand for the property.
Omar said that the developer plans to break ground by early summer 2027, with construction estimated to take two years. He added that interior demolition is nearly complete, and the exterior plans are the next stage.
"The world-renowned brand is planting its flag in downtown," Omar said. "The location is second to none, we've worked hard to create an architectural masterpiece."
The building will be 22 stories, and will overlook Selby Five Points Park. Available floor plans range from one- to five-bedrooms, “14-foot ceilings, floor-to-ceiling windows and sweeping curved terraces with glass railings,” according to a previous press release. The condo units will also come with Molteni&C custom cabinetry and luxury kitchen appliances, like Wolf and Sub-Zero, as well as concierge closets and private elevator access.
The development will include more than60,000 square feet of amenities, including a shaded lawn and Waldorf Astoria's signature Peacock Alley Lounge, according to a news release. Other property amenities available to owners are entertainment centers, such as a golf simulator, theater lounge, resort-style pool and more. Wellness-related amenities include spa treatment rooms, Pilates and motion studios, infrared saunas and hot-cold plunges.
Amanda Nichols, a brand manager for Waldorf Astoria and Conrad Hotels, previously toldthe Herald-Tribune that the company aspires to make each hotel and residence the finest in its market.
Workshop/APD, a New York-based architecture firm, is spearheading the interior design of the development. Andrew Kline, principal at the firm, said the design inspiration is drawn from three different Florida themes, including Sarasota's Ringling history, "classic Floridian" culture and oysters. The external landscaping and design, which will comprise a 0.75-acre landscaped park, gardens and a dedicated grove, is led by DWY Landscape Architects.
The luxury condo market in downtown Sarasota
The Waldorf Astoria Residences development milestone comes as downtown Sarasota has become fertile ground forluxury residential towers populating the skyline.
As previously reported by the Herald-Tribune, the Ritz-Carlton Residences, a 20-story, 78-unit condominium building, is also going up in the downtown area, at the 14-acre, $1 billion waterfront real estate property The Quay. Another luxury building, called One Park, is set to be completed by early 2027, and will consist of 86 residences across 18 stories.
The spike in luxury development comes as sales on high-end properties in the state rose in July, according to a statewide analysis. Sales involving million-dollar condominiums and townhomes increased by 31% from this time last year. This increase actually marked the second-lowest annual gain so far this year, as the luxury segment has been exceptionally strong throughout 2026.
A recent report from the Florida Realtors showed that condominium and townhome sales, across the board, rose in July, up 11.0% from a year ago. In Sarasota County, specifically, closed sales on condos and townhouses increased by 33.1% year-over-year, while the average sale price rose 62.7% to $610,513.
Available inventory also declined in both Sarasota and Manatee counties in July, continuing a trend seen in the past several months, bringing the condominium market to more balanced conditions. Available inventory fell 15% quarter over quarter, from $757 million to $643.9 million, reducing months of inventory to 10.7.
Michael Saunders & Company’s second quarter market report showed that the market posted its third consecutive net-positive quarter, the first time that's happened since 2020, signaling a return to more normalized conditions.
Additionally, Sarasota reached multiple benchmarks including 110 closings in the second quarter — the most closings since the second quarter of 2024. This brings the year-to-date total to 208 closed units worth a little over $269 million.
Kendal Asbury is the real estate and development reporter for the Sarasota Herald-Tribune. Have an idea, tip or question about development? Send her an email at kasbury@usatodayco.com. Connect with her on LinkedIn or follow her on Instagram @wordsbykendal, and support local journalism by subscribing to the Herald-Tribune.
This article originally appeared on Sarasota Herald-Tribune: Downtown Sarasota luxury condo tower reaches key milestone
