Downtown Sarasota’s Zenith Building to Be Replaced by Waldorf Astoria Residences

The gossip has been confirmed. The Waldorf Astoria is coming to town, and if you know Sarasota even a little, you know the corner where it’s headed. Jebcore Companies (locallybased developer Jim Bridges and Sadek Omar), WMG Development and Hilton announced that the Five Points site—currently occupied by the 12-story Zenith building—will be rebuilt as Waldorf Astoria Residences Sarasota, introducing the luxury brand to the city for the first time.

The project sits at 1390 Main St. and 40 S. Pineapple Ave., a 1.19-acre site at the convergence of Main Street, Pineapple Avenue and Central Avenue. WMG Development bought the property, including its parking structure, for $24 million in 2023. The Zenith Building, constructed in 1972, has long been criticized for its bulky profile and deep setbacks that divorce it from street-level life at an intersection considered one of downtown Sarasota’s most prominent.

Rendering of the ground floor, where connectivity with the pedestrian experience will be improved, according to the plans.

Image: Courtesy Photo

“We made a concerted effort to engage the public around the project’s street-level design,” says Omar. “We’ve worked with the Downtown Sarasota Condominium Association and neighbors and listened. It’s been a project in the making for more than two years. That Five Points site deserves a stronger presence. It’s an opportunity to improve a key intersection and it feels like a privilege to help reshape it.”

The developers plan to demolish the 12-story Zenith Building to make way for an 18-story residential tower. The original application, submitted earlier this year, proposed 96 residential units—including seven attainable units under the city’s bonus density program—alongside 42,000 square feet of commercial and office space on the ground and second floors that will include a restaurant and bar.

Exterior rendering of the Waldorf Astoria building.

Image: Courtesy Photo

Now, plans include 86 private residences, with units spanning one to five bedrooms each and penthouses, too, of course.

The plan emphasizes ground-floor activation, wider sidewalks, shade trees, a podium-level amenity deck and a five-level parking garage with one underground level. The underground level is for valet, public and retail use; Waldorf residents will have their own private parking and porte cochère entry on Mira Mar Court. There will also be another private entry point from Main Street.

Omar has said market conditions remain a variable. “There’s some uncertainty due to things like tariffs affecting costs, and we’re seeing a pullback in the condo market, but we hope that when delivering a product of world-class quality, that prevails.”

While pricing is still in the works, in other markets, Waldorf Astoria–branded residences typically enter the luxury tier, with pricing that starts in the low millions and climbs into the tens of millions. At Waldorf Astoria Residences Miami, for example, recent pre-construction prices begin around $3.3 million for two-bedroom units and rise above $10 million for larger floor plans. At Waldorf Astoria Residences Pompano Beach, prices range from roughly $2.65 million to more than $20 million.

The Zenith building.

Image: Kim Doleatto

WMG Development president and CEO Curt Frost said in the announcement that “this Five Points site is one of Sarasota’s most important addresses, and we are thrilled to partner with Jebcore on a project of this significance. From the moment we purchased this property, our intent was to build upon [its] legacy and ensure we could be part of its story.”

The design team is ODP Architecture & Design, with interior design by Workshop/APD. The project includes more than 50,000 square feet of indoor and outdoor amenities including a lounge, fitness and Pilates studios, a spa, a movie-theater lounge, a golf simulator and several guest suites. Outdoors, the building will have three-quarters of an acre of landscaped park space with a resort-style pool, a cold plunge, a hot tub, recreational lawns, gardens and a dedicated grove. Residents will have access to a Rolls-Royce Cullinan house car, a private golf cart service and a day yacht.

“A project of this scale and world-class brand Waldorf Astoria in the downtown core is a unique opportunity for all of us in the area,” Omar says.

Construction is anticipated to begin in late 2026, and sales will be handled by Michael Saunders & Company.