📸: Jacksonville Business Journal
The completed sale of Riverside’s 5 Points Theater and the pending sale of a land parcel of St. Augustine Rod & Gun Club are big purchases in Jacksonville’s commercial real estate market.
5 Points Theater
The 5 Points Theater has a new owner. Â
On May 16th, a Georgia real estate investment firm purchased the 1028 Park Street property in Jacksonville’s Riverside neighborhood. At a purchase price of $7 million, the sale was up $5 million since the last transfer of ownership 20 years ago.
The Shad family bought the Five Points Theatre in 2004 for $2 million. Thereafter, the family completed a historic rehabilitation to the property. This returned the 1920s-era theater to its original appearance. Learn more about the history of the theater, since its opening in 1927, and see photos from over the years, on 5pointsjax.com.
Things will mostly stay the same under the new ownership. All existing leases will continue to be honored by law. Furthermore, rumored demolition plans are just that, rumors. According to the Jacksonville Daily Record, the City Council declared 5 Points Theatre building a local historic landmark. Such a declaration provides preservation protections and renovation limitations.
Have you ever been to the 5 Points Theater? The cinema portion of the property is called Sun-Ray Cinema. Check out their website for showtimes and ticket purchases!
St. Johns County Airport Authority
The St. Johns County Airport Authority is considering a $2.1 million land purchase from St. Augustine Rod & Gun Club. The 2.5 acres of wetlands and forested area under consideration is set east of the Northeast Florida Regional Airport.
The airport is located on 668 acres in St. Augustine with 3 seaplane lanes and 3 runways, available for both commercial and general aviation.
The St. Augustine Rod & Gun Club has a history dating back to the 1930s. Today, the 5,800 square-foot club sits on 10 acres of oak tree orchards and serves as a rustic event venue. As a result, disturbing the venue’s aesthetic is of concern in this deal and the gun club will insist on certain restrictions to development of the land.
This is according to the Jacksonville Business Journal, which also included a quote from the airport authority expressing interest in using the land for “stormwater runoff infrastructure associated with other development… The potential development includes a road, parking and hangars for maintenance, repair and overhaul.”
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