Mira Mar Sarasota: Historic Revival & Modern Luxury in Downtown Sarasota

Mira Mar Development in Sarasota will Transform Downtown.

The Mira Mar project in Sarasota marks a momentous fusion of history and modernity. Centered around the century-old Mira Mar Plaza on South Palm Avenue, this redevelopment promises to restore a cherished landmark while introducing two elegantly designed 18-story condo towers—totaling 70 luxury residences—alongside thoughtfully curated retail, office, and restaurant spaces. With unanimous city commission approval secured in July 2025, the project stands as a model of balanced, community-centric urban development. Let’s explore the full scope of this ambitious, transformative undertaking.

Honoring History: Restoring the 1922 Mira Mar Plaza

The heart of the project is the full restoration of the Mira Mar Plaza, originally built in 1922 as a luxury hotel and apartment complex with Mediterranean Revival flair. Despite its notable architecture and nearly 400-foot frontage, the structure faced decline and even a demolition proposal in 2022. Thanks to intervention from preservation advocates, the developer, Seaward Development, pivoted to a restoration-first strategy.

A comprehensive plan amendment and rezoning approval were finalized in July 2025, allowing for the restoration to precede any new condo occupancy, while ensuring historic integrity is fully preserved :contentReference[oaicite:1]{index=1}. Seaward will invest approximately $29–30 million to rehabilitate the two-story structure, which currently houses nearly 48 businesses, bringing it back to its 1920s grandeur :contentReference[oaicite:2]{index=2}.

Two 18-Story Towers: Modern Residences with a Light Footprint

Rising behind the restored Plaza will be two slender, tiered residential towers, each reaching 18 stories and containing 35 condominiums, for a total of 70 homes. These towers are strategically set back to maintain sightlines, natural light, and breezeways to Sarasota Bay :contentReference[oaicite:3]{index=3}.

Innovative design includes minimized interstitial space between floors to reduce bulk, podium coverage capped at 60%, and stepped setbacks that evoke a “wedding cake” silhouette—ensuring harmony with neighboring low-rise buildings :contentReference[oaicite:4]{index=4}. This sensitive massing strategy was a key factor in community support and approval :contentReference[oaicite:5]{index=5}.

Smart Zoning & Responsible Development

To finance the historic renovation, Seaward successfully petitioned for rezoning from “Downtown Core” to “Downtown Bayfront,” allowing the additional height. However, this came with enforceable proffers:

• Historic restoration must be completed and certified before any tower certificates of occupancy are issued :contentReference[oaicite:6]{index=6}.
• Podium levels are limited to 60% lot coverage, preserving open and walkable ground planes :contentReference[oaicite:7]{index=7}.
• Commercial spaces on the second floor of the historic building will be offered at half market rent for 10 years to attract small businesses :contentReference[oaicite:8]{index=8}.
• Floor-to-floor gaps are kept minimal to reduce visual bulk :contentReference[oaicite:9]{index=9}.
• Seaward forfeited any development-right transfers from the historic portion :contentReference[oaicite:10]{index=10}.

This mix of incentives and safeguards ensures the development is economically viable while protecting Sarasota’s historic identity and neighborhood character.

Developer & Design Team

Seaward Development leads the project, backed by a talented architectural and planning team:

• Rick Gonzalez (REG Architects), a restoration expert entrusted with restoring the Plaza to its 1922 condition :contentReference[oaicite:11]{index=11}.
• Igor Reyes (Nichols Architects), responsible for blending historic charm with modern form—the same team behind high-profile designs like Miami’s EDITION Hotel transformation :contentReference[oaicite:12]{index=12}.
• Kimley-Horn and Berlin Patten Ebling oversee planning and zoning coordination :contentReference[oaicite:13]{index=13}.

The team’s vision marries authenticity and refinement, honoring Sarasota’s architectural legacy while introducing sleek, modern luxury.

Amenities & Features

• Historic Plaza Restoration: $29–30 million investment to stabilize and restore the 1922 structure, preserving Mediterranean Revival features
• Retail & Office Space: Street-facing shops, restaurants, and second-floor offices; 50% market rent for 10 years to support small businesses
• 70 Luxury Residences: Two 18-story towers with floor-to-ceiling windows, private terraces, and panoramic bay and city views
• Elegant Courtyards & Pedestrian Pathways: Landscaped outdoor spaces and breezeways between towers
• Protected Sightlines: Setbacks and tower spacing maintain light, air, and visual connections to the bayfront
• Pedestrian Focus: Wide sidewalks, street-level amenities, and easy access to downtown destinations and the marina
• Historic Tenant Support: Temporary homes for nearly 48 existing businesses throughout restoration
• Elegant Tower Profiles: Slender, setback architecture that complements the historic Plaza’s scale
• Architectural Unity: Harmonious design integrating Mediterranean-style Plaza with modern adjacent structures
• Developer Commitments: Proffers limit podium coverage, mandate restoration-first, restrict transfer of development rights, and secure below-market leases for tenants

Timeline & Community Engagement

The Mira Mar project gained crucial momentum in mid-2025. In May, the Planning Board approved the comprehensive plan amendment, and in July the City Commission unanimously backed the rezoning and development agreement :contentReference[oaicite:14]{index=14}. The December 2025 site-plan submission will kick off full-scale restoration, with condo sales expected to begin late summer 2026 :contentReference[oaicite:15]{index=15}.

Proponents like Vice Mayor Debbie Trice and Mayor Liz Alpert emphasized the careful balance between growth and preservation. “This project will move our city forward while safeguarding a beloved landmark,” Alpert noted :contentReference[oaicite:16]{index=16}. Neighbors and business owners also praised the sensitive design that preserves views and pedestrian access :contentReference[oaicite:17]{index=17}.

Why Mira Mar Matters

Mira Mar is more than a real estate development—it’s a symbol of Sarasota’s evolving identity. By blending preservation with luxury condos and urban vitality, the project elevates downtown living for residents and visitors alike. For buyers, it offers the rare opportunity to combine heritage charm with modern convenience and investment upside. For Sarasota, it offers a blueprint for responsible, community-minded growth.

Looking Forward

Keep an eye out later this year. Restoration is expected to begin by December 2025, followed by site-plan approval in early 2026. Condo sales are projected to launch summer 2026, with construction wrapping by 2028. High-floor units with bay views and Juliet balconies will be in greatest demand.

If you're considering downtown Sarasota real estate—whether as a homebuyer, investor, or heritage enthusiast—the Mira Mar project deserves a front-row seat. To explore pricing, floor plans, or pre-construction options, don’t hesitate to reach out. As a local real estate specialist, I’m here to help you navigate this exclusive opportunity before the most coveted units are claimed.

The Mira Mar development is poised to redefine luxury urban living in Sarasota. Rooted in heritage, elevated by modern design, and anchored by thoughtful planning, it’s a compelling blend of past and future. Whether you're drawn by grand architecture, coveted location, or discerning investment potential, Mira Mar offers a singular address—and a unique piece of Sarasota’s revitalized story.