A proposed 282-unit luxury condominium development in downtown Sarasota that would allow owners to rent out their units for short stays has cleared another hurdle.
Saravela, which is located on Tamiami Trail between Fourth and Fifth streets near the Ritz-Carlton and The Bay public park in downtown's Rosemary District, recently received approval for three adjustments from the Sarasota Planning Board. However, it has not yet received complete sign-off to start construction.
Most of the 282 residences will be spread among an 18-story tower and an 11-story tower as condominiums, though 11 town houses will front Fourth and Fifth streets, adjacent to the parking podium. Retail businesses will front Tamiami Trail.
Forty of the condominiums will be priced
as attainable homes for those making up to 80% of the area median income, and the complex will offer 30 public parking spaces.
The complex, developed by Chicago-based GSP Development, will be built on 1.7 acres spread across nine parcels.
Saravela condo hotel plan fosters controversy
A controversial aspect of the complex, according to the saravela.com website, is an on-site rental program that would allow owners to rent out their units for a three-day stay.
That potential program conflicts with Sarasota city codes that only allow hotels and motels to offer stays of seven-days and nights or less.
On July 20, the Sarasota City Commission directed staff to create standards for proposed condo hotel and apartment developments, but did not reference Saravela by name.
At the July 20 meeting, downtown resident David Lough urged the city commission to establish those standards quickly.
“The basic question is, what exactly is the city approving and how are these projects allowed to operate,” Lough said.
Saravela is one of two such complexes currently working their way through the city’s planning process.
The other is The Well, a seven-story complex envisioned for 777 S. Palm Avenue, across from Selby Gardens, that, in its current configuration, would have a total of 80 units — eight residential condominiums, 72 condo-hotel units and 15,244 square feet of retail space.
What did the Sarasota planning board decide?
GSP Development sought three adjustments, consolidation of access to the parking podium to one entrance accessed via Fifth Street; a change in how the internal parking garage is structured; and a change in the external finish.
In July 2025, the Sarasota City Commission approved vacation of an alley, Fourth Way, and the planning board issued partial sign-off for site adjustments.
What’s special about the Saravela condo project?
Located on the edge of the Rosemary District, Saravela is within easy walking distance of the Bay Park and the Van Wezel Performing Arts Hall.
Amenities will include two rooftop pools, two spas, a game room and co-working office space.
The condominium towers will contain one-, two-, three- and four-bedroom units.
As plans for GSP Development’s first project in Sarasota have evolved, it has exceeded some requirements, such as expanding the area for sidewalks to 20 feet wide and planting an expansive tree canopy.
The 40 attainable units are 10 more than what was required to unlock density bonuses.
The developer also plans to offer concierge services to residents and resort-style amenities.
The complex is designed by Kimmich Smith Architecture with interiors by ID & Design International.
Earle Kimel primarily covers local governments in Sarasota County as well as land development and environmental issues for the Herald-Tribune. Follow him on Facebook, and X. He can be reached by email at earle.kimel@heraldtribune.com. Support local journalism by subscribing.
This article originally appeared on Sarasota Herald-Tribune: Controversial downtown Sarasota condo project moves forward
