JACKSONVILLE, Fla. — The Seahorse Oceanfront Inn, Lemon Bar and surrounding properties in Neptune Beach will be sold to Shad Khan's investment company. Iguana Investments Florida issued a statement on Friday announcing the intended sale.
Iguana Investments was formed by Shad Khan, the owner of the Jacksonville Jaguars, and mainly focuses on reviving areas of Downtown Jacksonville. Some of the investment firms' projects include the current Jacksonville Shipyards project and the ongoing revitalization of TIAA Bank Stadium. The purchase of the Neptune Beach properties will be the first outside of Downtown for Iguana Investments.
The Seahorse Oceanfront Inn and Lemon Bar are beloved local beach spots. The properties are currently owned by Kathy Cole, her son Will and her daughter Emma.
“This is a bittersweet day for our family,” Kathy Cole said. “We poured much of our heart and soul into the Seahorse Oceanfront Inn over the past many years, and we’ve certainly enjoyed the journey knowing the properties have meant so much to the Jacksonville community."
Khan is still developing plans for the property but said he still envisions a boutique beach hotel, restaurant and parking, according to Iguana Investments' statement.
“I have great faith in the future of Jacksonville, from downtown to the beaches and all the neighborhoods in between,” Khan said. “I’ve always appreciated the unique vibe of the Beaches Town Center community and it means a lot to me to play a small role in the community’s continued growth, just as we are with the development of Jacksonville’s downtown riverfront."
Once the deal has been closed, Iguana plans to hire a management company to continue running the properties as they currently exist, the statement said.
Exact terms and conditions of the sale have not been released.
Neptune Beach Community Development Director, Sam Brisolara said, “while the City just learned of this historic property change, we’ve not received any applications for development, but we look forward to working with the Iguana Investments team to make sure that their vision is achieved while following the parameters of the City’s code.”
The Mayor of Neptune Beach, Elaine Brown said, “I’m elated for the Cole Family. I’ve appreciated and enjoyed that the Cole’s have been great neighbors and partners in Neptune Beach for many years, and I wish them the very best. I’m glad that the Cole’s believe that Shad Khan and Iguana Investments will do the right thing for the success of the Town Center into the future.
