Gulf Beach Resort Motel Sells For $23.5M; Luxury Condos Planned

SARASOTA, FL — The former Gulf Beach Resort Motel on Lido Key has sold to developers for $23.5 million, according to a news release from Coldwell Banker Commercial and Coldwell Banker Realty.

The property was co-listed by Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key office.

The buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower.

Built in 1950, the Gulf Beach Resort Motel was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.

“This site attracted substantial interest from potential buyers, and we received multiple offers from several developers,” Rose said. “The new, modern luxury condominium development being planned will surely attract buyers to Lido Key’s shores.”

Kepecz-Hays said, “The stability and strength of the Sarasota area’s luxury real estate market continues during these unprecedented and challenging times, and we consistently leverage excellent client service, state-of-the-art technology and expert marketing knowledge for each and every transaction.”

The city’s Historic Preservation Board approved the demolition of the Gulf Beach Resort Motel in a 5 to 1 vote in July, the Observer reported.

Like what you're reading? Invite a friend to subscribe to free Sarasota newsletters and real-time email alerts.

Prior to this, in 2003, the city approved the historical designation of the property because its “structural components collectively convey a sense of time and place in history,” reports said.

The developers argued in July, though, that there is no architectural significance to the property and didn’t warrant investment or refurbishment.

“People stay there for a bargain, not historic value or nostalgia,” said Brenda Patten, a land use attorney working on behalf of the applicant, according to the Observer.

While the site represents a specific period, the Historic Preservation Board’s vice chair Roberto Gonzalez said the structures “are not unique” and “are not in great shape,” the newspaper reported.

Sarasota Architectural Salvage will comb the property for items of historic value.

There was some pushback to the demolition though. Some residents spoke about concerns related to the environment, traffic, noise and the aesthetic of new construction, reports said.