Waldorf Astoria developer says sales 'remarkable,' likens city to Monaco

Sarasota developer Sadek Omar has been to many places, but he says one stands out above the rest.

“I personally feel like the sky’s the limit for Sarasota,” says Omar, a partner at Ore Development, which is a portfolio company of Sarasota-based developer Jebcore. A native of Qatar who has lived in Pennsylvania and Virginia, Omar adds that Sarasota is “the most beautiful market I’ve ever seen.”

Before coming to Florida about six years ago, Ore developed more than $1 billion in assets outside the state, Omar says, primarily in the Mid-Atlantic area, including a more than two-acre redevelopment project called Central Armature Works in Washington, D.C., that included apartments, a hotel, retail and pocket parks.

Omar says Sarasota has a “unique cultural richness” that sets it apart from other luxury destinations. 

What Omar calls the company's local "masterpiece" is the Waldorf Astoria Residences Sarasota. That project will have 86 condominiums in an 18-story tower, starting at $2.2 million, when it is completed in 2029. At the Five Points intersection at Main Street and Pineapple Avenue, where the Zenith office building currently stands, the project will also include a more than 40,000-square-foot commercial component. Omar says the plan is to have demolition started by the summer, and "we're working through the approvals with the city as we speak."

Sales for the Waldorf Astoria Residences Sarasota began in late January, and "the project continues to see strong momentum, with more than $40 million in contracts signed over the last month," Omar says in a May 29 email.

Other projects Ore is working on in Sarasota include The Edge and The High Line. And Jebcore, founded by prolific commercial developer Jim Bridges, has a long history in Sarasota, with projects that include the Embassy Suites and the Q residential development.

Omar recently spoke with the Business Observer about the Waldorf Astoria Residences Sarasota project, the state of the market in Sarasota and Ore’s plans for development overall. Edited excerpts:

How did the Waldorf Astoria Residences Sarasota project come about?

Courtesy image

This is really a larger story about how much we dreamed about this project. The first time I came to Sarasota, I thought that corner [at Main Street and Pineapple] was going to have to be something revolutionary for the market. When we had a slight possibility of getting control of that parcel, we immediately started envisioning things that were way beyond the imagination of what the market had seen historically. We knew it had to be game-changing. We knew it had to be a once-in-a-lifetime project that was fully encompassing. It couldn't be just one really good product — it had to be several good products, whether the brand or the retail that we’re trying to attract. It had to be world-class. It had to be the next benchmark for Sarasota.

Did you approach Waldorf Astoria, or did the brand approach you?

Our company [has] a lot of experience with the hotel and hospitality brands. We've done several hotels with Marriott; we have a Hilton already in Washington, D.C...Whether it was Four Seasons, the various Marriott products, or the Waldorf Astoria with Hilton, which is their quintessential luxury product, we met them all. We talked to every single one of the branded luxury divisions in each of those companies, and everyone was amazing, and they all had interest. We felt as though the history and attributes of the Waldorf Astoria tied most closely to Sarasota, given the fact that we have a very understated level of affluence, and...the uniqueness of Sarasota, we felt was just very organic to the Waldorf Astoria brand. We were very fortunate to be able to negotiate with Waldorf Astoria to get their brand here. It took a long, long time and a lot of hard work, but we were thrilled when we knew that we had the deal.

How have sales been since starting in late January for the Waldorf Astoria Residences Sarasota, and who are your buyers?

Sales have been remarkable. We're very, very happy. What's been super exciting is a large chunk of our buyers are not out-of-towners; they're people who are moving from their existing homes in downtown Sarasota or peripheral [areas] because they have been waiting for a product like ours. The market is strong, and there's a depth to the market, [including] people who are outside the state. That's been a lot of our interest too, but predominantly mostly local…and the excitement level is infectious.

What else will the Waldorf Astoria Residences bring to the market?

We really want to bring Sarasota the best retail providers in any segment that we're targeting…We're hoping to target some fashion brands and some [food and beverage] outlets. We really do [want to] create a beautiful experience on that corner, which right now is totally underserved.

Is Sarasota entering the sphere of places like Naples and Palm Beach?

Sarasota is Monaco. It's not even anywhere near those two, because it has such a unique cultural richness — orchestra, ballet, theater, museums. Then you have, which is very unique, you actually have a downtown that is on the water. Those things aren't commonly found in the world with all these nuanced things, plus a very affluent and sophisticated base of consumers in the market. So, when I look at that, I personally feel that the sky's the limit for Sarasota. We just have to collectively get our act together to provide a full array of interesting products and offerings in downtown…It has to be a perfect mix and medley of everything. We're missing a lot of market segments that are really important for this market to flourish.

What do you think Sarasota is missing?

We're missing thoughtful, curated retail…that has the full gamut of retail offerings. We have to have housing that is approachable to a larger majority of people to create density in the market. We have to attract better office tenants; we have to bring in some Class A office to the market, and I think lastly, we have to work on our streetscape.

What is the greatest challenge you’re seeing in the luxury condo market? 

It takes a little bit longer to transact than historical Sarasota boom time.

Do you think the window on the luxury condo market is going to close — is there a bubble?

We have to start educating the consumers in the market, who are the buyers and sellers of the market, that we have to start looking at alternative asset classes and their commensurate valuations for this market to continue to flourish. I think we're going to have to take a really long look at what our interesting projects are next, and I will assure you that condo is not super high on that list. Now watch me say this, and of course, the next project will be a condo. That is absolutely not the intention or the thought at this stage.

How do you see your role as a developer in the context of Sarasota?

Sarasota is such a gem, and it's our job — it's our duty — not to change it. We always get blamed for changing the market. If you're thoughtful and you curate interesting things, it can have the old-world charm with larger structures here and there…In the case of the Zenith [office building where the Waldorf Astoria Residences will be built], there's not much there to admire. So we had to do something that was really a statement for the market, that's our masterpiece, our jewel…The building's actually [going to be] shaped like a heart. It happens to be the heart of Sarasota. So we love that — that's a very proud moment for us.