JACKSONVILLE, Fla. — Renovations are expected to begin "in the coming months" at the historic Five Points Theater Building located in the heart of Jacksonville's iconic Five Points area, according to a news release shared with First Coast News on Tuesday.
In April, the owner of the building, Jack Shad said he is selling it.
Shad said after almost 20 years of ownership, it was time to sell the building to a new owner. He provided First Coast News the following statement:
"Our family bought the 5 Points Theatre Building in 2004 and did a complete historic rehabilitation to return this beautiful building to its original appearance. We've provided a home for dozens of small businesses. After almost 20 years, it is time for us to sell the building to a new owner who can maintain that legacy. After a long search, we have found a buyer with experience managing other historic properties throughout the southeast."
The release from the new owner of the building, Union South Partners, "a developer of multiple adaptive reuse projects throughout the Southeast," says the company has closed on the purchase of the building.
"Following a projected $2 million investment in renovations and upgrades to office, retail and amenity spaces, the four-story, approximately 35,000-square-foot building will begin a new chapter in its nearly 100-year history," Union South Partners states in the release.
The release further details how the building has a number of tenants with active leases occupying retail and office spaces, which will remain in place for the duration of the existing lease agreements.
Union South Partners says the lease for Sun-Ray Cinema has expired and will not be renewed. The developer intends to invest "significant capital" into the theater space to enhance and improve it as a destination for entertainment, according to the release. Many of the building's existing elements will be left intact, the release adds.
"Union South Partners is currently in active discussion with multiple entertainment operators that could activate the renewed space and enhance the Five Points community," the release states. "Our goals are to embrace these properties' historic connections while bringing new investment and ideas to reinvigorate these structures."
In addition to renovations planned for the theater that has stood since 1927 and retail spaces, new ownership of the building is planning a "modernization" of the office lobby, common areas and restrooms.