We consider an optimization problem for the eigenvalues of a multi-material elastic structure that was previously introduced by Garcke et al. (Adv. Nonlinear Anal. 11:159–197, 2022). There, the elastic structure is represented by a vector-valued phase-field variable, and a corresponding optimality system consisting of a state equation and a gradient inequality was derived. In the present paper, we pass to the sharp-interface limit in this optimality system by the technique of formally matched asymptotics. Therefore, we derive suitable Lagrange multipliers to formulate the gradient inequality as a pointwise equality. Afterwards, we introduce inner and outer expansions, relate them by suitable matching conditions and formally pass to the sharp-interface limit by comparing the leading order terms in the state equation and in the gradient equality. Furthermore, the relation between these formally derived first-order conditions and results of Allaire and Jouve (Comput. Methods Appl. Mech. Eng. 194:3269–3290, 2005) obtained in the framework of classical shape calculus is discussed. Eventually, we provide numerical simulations for a variety of examples. In particular, we illustrate the sharp-interface limit and also consider a joint optimization problem of simultaneous compliance and eigenvalue optimization.