Saravela Receives Planning Board Approval for New Luxury Development

The approval marks a major milestone as the mixed-use luxury development moves toward construction.

(SARASOTA) July 29, 2026 – GSP Development, a Chicago-based real estate firm developing the Saravela luxury condominium tower in Sarasota, has received planning board approval from the City of Sarasota for the project, marking a major milestone as the mixed-use luxury development moves toward construction.

Saravela is a first-of-its-kind residential offering in Sarasota. Located in the heart of downtown Sarasota, it will encompass a full city block along North Tamiami Trail between 4th Street and 5th Street. Featuring modern coastal architecture, Saravela will introduce a new residential experience to downtown Sarasota with 282 luxury condominiums, including 11 townhomes, prime retail space, and resort-style amenities—all while giving owners the unique opportunity to make their residences available for short-term rentals through a professionally managed, centralized rental program.

“We thank the City of Sarasota and greatly appreciate City staff for their professionalism and collaborative approach throughout the review process,” said Larry Debb, Founder and President of GSP Development. “Working together, we were able to refine the plans and create the best possible project for Sarasota, its residents, and future Saravela owners.”

Debb noted that the plans for Saravela not only meet the City’s requirements but exceed them in several meaningful ways. Sidewalks have been expanded to 20 feet wide—significantly wider than City requirements and most new developments—and an expansive tree canopy will create a more comfortable pedestrian experience. To accommodate the larger canopy trees, the development team will relocate a major water line at no cost to the City. Saravela will include 40 attainable housing units, 10 more than required, along with 30 publicly available parking spaces.  Along North Tamiami Trail, the project will feature ground-floor retail space, including a gourmet market and coffee bar, helping activate the corridor and better serve downtown residents and visitors.

“Great developments become part of the fabric of a city,” said Debb. “From the beginning, our vision for Saravela was to create a project that enhances downtown Sarasota and contributes to the quality of life for residents, visitors, local businesses, and future Saravela owners.”