St. Augustine-based Windward Marina Group paid $25 million for Beach Marine, a 167-acre mixed-use development along the Intracoastal Waterway in Jacksonville Beach.
The Business Journal previously reported the sale, which closed on Jan. 20, but the final price was revealed in a deed posted to a city website Wednesday.
The company plans to make upgrades to existing facilities, which include restaurant, retail and office space.
The sale was brokered by Newmark Knight Frank’s Tyler Nilsson and Erik Bjornson.
“This is an exciting enhancement for Jacksonville Beach, with an ownership group that will be updating facilities and making future developments,” Nilsson said.
The property at 2315 Beach Blvd. last sold for $1.7 million in 1994. Windward also purchased an adjacent parcel that the City of Jacksonville Beach bought for $175,000 in 1983.
Windward owns the 23-acre St. Augustine Marine Center, the St. Augustine Shipyard and a marina along the San Sebastian River.
Beach Marine’s zoning allows for 40 townhomes, 64-bed hotel, 318 wet slips, 380 dry slips, office, restaurant and retail. It comprises five buildings, including warehouses, offices and a bar, that were constructed in 1955, 1986, 1997 and 2001, according to the Duval County Property Appraiser.
The property is located across the Intracoastal Waterway from a planned $30 million mixed-use development by another St. Augustine builder, Cadenza Partners. That project will consist of a five-story multifamily building, new restaurant space for Marker 32 and a mixed-use building with first floor retail and second floor residences when it opens in 2024 or 2025.
Article by: Will Robinson, Jacksonville Business Journal