A major new waterfront resort inspired by the laid back lifestyle of legendary singer songwriter Jimmy Buffett is officially headed to Osprey, adding another exciting development to Sarasota County’s booming real estate and tourism market.
The new Compass Hotel by Margaritaville will rise along the shores of Little Sarasota Bay next to Evie’s at Spanish Point, bringing a luxury boutique resort experience to one of the Gulf Coast’s most scenic waterfront locations.
The project is being developed through a partnership between local restaurateur Mike Evanoff and developers Steven Mullen and Angus Rogers of Floridays Development Company. Construction will be handled by Sarasota based Stellar Development, with groundbreaking expected in the near future.
The four story waterfront resort will feature 120 guest rooms, including 15 spacious two room suites designed to provide an elevated coastal getaway experience. Developers say the property was carefully designed to maximize views of both the bay and the resort style pool area. Many of the rooms will include private balconies overlooking the water, creating the type of relaxed tropical atmosphere Margaritaville properties are known for.
Unlike the larger full scale Margaritaville resorts found in destinations such as Hollywood Beach, Compass Hotels by Margaritaville focus on a more intimate boutique style experience. The brand combines upscale accommodations with the easygoing Florida lifestyle that became synonymous with Jimmy Buffett’s music and legacy.
The location itself is expected to be one of the project’s biggest attractions. Positioned directly on Little Sarasota Bay, the property will offer guests direct waterfront access along with existing boat slips at Spanish Point. Visitors will be able to arrive by boat, spend the day on the water, and enjoy the surrounding coastal attractions without ever needing to leave the property.
Developers are also planning to offer boat rentals, personal watercraft activities, and water shuttle services across Sarasota Bay. One anticipated destination will be the recently reopened Midnight Pass, which naturally reopened in 2024 following Hurricane Milton and has since become a major point of interest for boaters and beachgoers throughout the region.
In addition to serving vacation travelers, the resort is expected to become a popular event and wedding destination. Existing restaurant facilities at Spanish Point will allow the property to host weddings and private events for approximately 120 guests, creating another upscale waterfront venue option in Sarasota County.
This will not be the first successful Compass by Margaritaville development for the project team. Steven Mullen and Angus Rogers previously developed the Compass Hotel Anna Maria Sound, a waterfront boutique resort that opened in 2020 and quickly became a popular Gulf Coast destination. Mullen has also been involved in several notable hotel developments across the Sarasota area, including Art Ovation Hotel and Home2 Suites by Hilton Sarasota Casey Key.
The addition of a Margaritaville branded resort further highlights the continued growth and investment taking place throughout Sarasota County’s luxury hospitality and waterfront real estate sectors. As more visitors and seasonal residents discover the area’s beaches, boating lifestyle, and year round coastal atmosphere, developers continue investing heavily in upscale accommodations and mixed use waterfront projects.
Jimmy Buffett’s influence on Florida culture remains deeply connected to the Gulf Coast lifestyle, and the Margaritaville brand has evolved into a worldwide hospitality and entertainment empire featuring resorts, restaurants, residential communities, and even cruise experiences. The new Osprey location aims to capture that same sense of escape and adventure while offering guests a more personalized boutique resort experience.
For Sarasota County, the project represents another major addition to the region’s growing reputation as one of Florida’s premier waterfront destinations. From luxury developments and resort communities to expanding dining and entertainment options, the area continues to attract attention from both investors and visitors looking to experience the best of coastal Florida living.
