Oceanfront commercial land in Jacksonville Beach sells for $3.5 million

A vacant parcel of oceanfront land in Jacksonville Beach, between the Acquilus III condominium tower and the Casa Marina, has been sold for $3.5 million.

Atlantis Beach Partners, a subsidiary of Jacksonville-based Just Multifamily LLC, closed on the 1.13-acre site in late August. It was owned by CenterState Bank, which foreclosed on the property and took title in January, according to property records.

The land, between Sixth and Seventh avenues North, is zoned for commercial use. It was previously the site of the Atlantis Hotel, which was demolished years ago, said Cord Butler, president of The Cordell Group.

Butler represented CenterState Bank in the transaction. He said the property garnered local and national interest. It's one of only two sites in Jacksonville Beach exempt from a building height cap that limits vertical construction to 35 feet. That cap was enacted in 2006.

The former owner, a group led by developer Chris Hionides, had various plans for the site that included retail, hotel and condo uses, Butler said.

"Some type of condo development probably would make sense, and I think [the buyers] probably are exploring all of their options at this point," he said. "They'll probably land-bank this for the time being."

Sep 4, 2013 - Jacksonville Business Journal