The great Robert Plunket, our former Real Estate Junkie, called it five years ago. In a piece titled "Where to Live in Downtown Sarasota," back in 2020, and talked about the now-razed Pier 550 building:

“The bargains in Golden Gate (if you can still find any) are the older buildings. Pier 550, which has been around since the 1940s, is the most desirable. It’s picturesque, low and yellow, with green lawns facing a spectacular view of the marina and downtown. The problem: [...] you can almost feel the real estate sharks swimming around this prime piece of downtown property. It’s two-thirds of an acre and insiders say it could go for as much as $50 million.”

He was right about its vulnerability, although less so about the price. Based on Sarasota County Appraiser records, developers purchased units from Pier 550 condo owners for anywhere from $625,000 to $1.95 million. Most hovered around the million-dollar mark. You can do the math.

Given the transformation of Sarasota’s waterfront in recent years, Pier 550’s days were always numbered. A low-rise 1940s holdout in a sea of ever-taller luxury condominiums, Pier 550 seemed destined to give way to a project with higher price points, bigger views, and the kinds of amenities that now define the downtown waterfront market. 

And now we know what's replacing it: Amara, from Naples-based Ronto Group, is the latest in a wave of developments reshaping Golden Gate Point. The Ronto Group completed the acquisition of the 51 Pier 550 units in August 2024; by September, all previous owners had vacated.

The Sarasota Planning Board unanimously approved the two-tower, 54-unit luxury condominium project on Jan. 8, and site clearing began shortly after demolition kicked off on Jan. 23. It will rise eight stories over one level of parking.

“Golden Gate Point is unique because it offers direct waterfront living without the congestion of downtown,” says Anthony Solomon, president of The Ronto Group. “With Amara, every unit will have a water view, and the length of the site allows for an expansive design that maximizes those views.”

Designed by MHK Architecture, which has an office in Sarasota, Amara will feature seven floor plans ranging from approximately 2,600 to 3,500 square feet, with starting prices at $4.2 million. The development will also include seven penthouses, two of which feature private pools. The highest-priced units, located on the second level with expansive terraces and outdoor bars, are listed at $8.5 million.

Residents will have access to a range of amenities, including a private marina with limited boat slips, a fitness center with a sauna and steam room, a bocce ball court, a game room and multiple fire pit seating areas. The development also includes an outdoor yoga lawn and hot and cold plunge pools.

Solomon noted that while inventory in the Sarasota luxury condo market has increased, demand remains strong for newer buildings that meet modern construction standards. “Buyers today want residences built at higher elevations to mitigate flood risks, and they want modern designs,” he said. Amara’s first residential level will be 15 feet above ground, reducing exposure to flooding.

"We closed [on the property] before the hurricanes," Solomon says. "The bottom, which was built to outdated codes, got flooded and banged up."

The project is The Ronto Group's second on Golden Gate Point—it's also building The Owen, another luxury condo building on the south end of the peninsula. Both projects are part of a broader transformation of the peninsula, which juts into Sarasota Bay just west of the John Ringling Causeway. Once home to small motels and mid-century condominiums like Pier 550, it's seen a surge of high-end residential development in recent years. 

Construction of Amara is expected to take approximately two years, with ground breaking in early 2026. Sales reservations are set to begin this week.

Interested? Call (941) 867-7160 or click here.