Wine Cellar Closing

[acme54321]

https://www.jaxdailyrecord.com/article/wine-cellar-to-close-after-almost-50-years

Interested to see who bought the property.  Hard to imagine it will be for another restaurant.

[blizz01]

Why do you think that (curious)?

[jaxlongtimer]

Another great local restaurant closing.  We celebrated many family and business occasions there over the 47 years.  Food was always perfect, first class service, warm, quaint and inviting setting and reasonable pricing for the package.  Will miss this place much.  Glad to see they are ending with a "full house" to the very last day.

When I went there for the first time, I never guessed they would make it in that out-of-the-way/low profile location.  It's a tribute to their management that they were so successful for so long there.  They developed a very loyal following.

Sorry to see COVID issues apparently motivate them to take an offer for the land.  Not the biggest parcel so maybe someone is assembling it with adjacent properties?

One can hope that the Wine Cellar team opens with a similar concept somewhere else if they aren't too old to start over.

Just thinking, what higher level restaurants are left on the Southbank.  BB's, Ruth's Chris, Chart House....

[Charles Hunter]

Sorry to see COVID issues apparently motivate them to take an offer for the land.  Not the biggest parcel so maybe someone is assembling it with adjacent properties?

One can hope that the Wine Cellar team opens with a similar concept somewhere else if they aren't too old to start over.

Looking at the COJ Property maps, it looks like there are only 3 other owners on that block. Prudential owns nearly all of the block - and the one between it and Main Street - with 3 parcels fronting Prudential Drive: the BP, Wine Cellar (the smallest), and the bank on the corner.

Given that the same people have run Wine Cellar for nearly 50 years, my guess is that they are ready to retire, and the next generation (if there is one) isn't interested.

[acme54321]

Why do you think that (curious)?

It's a bad location.  All by itself out there on a tiny lot with no parking, sandwiched between a sketchy gas station and a bank whose drive through lanes double as a homeless shelter.

[jaxlongtimer]

Why do you think that (curious)?

It's a bad location.  All by itself out there on a tiny lot with no parking, sandwiched between a sketchy gas station and a bank whose drive through lanes double as a homeless shelter.

Looking at the COJ Property maps, it looks like there are only 3 other owners on that block. Prudential owns nearly all of the block - and the one between it and Main Street - with 3 parcels fronting Prudential Drive: the BP, Wine Cellar (the smallest), and the bank on the corner.

I researched a little further the owners of the adjacent properties.  The gas station appears to be owned by a 74 year old.  As such, he too may be near retirement and willing to sell.  The bank is owned by an estate (I knew the owners and they are deceased) so maybe the heirs want to also cash out.  Bottom line, you could have 3 motivated sellers in a row on that block.  Plus, the Wine Cellar owns the 1/3 acre parking lot across the side street from the bank.  Add it all up and you could have 1.1 acres to put together.

I also note that the office building at 1400 Prudential Drive, adjacent to the Wine Cellar's owned parking lot, is owned by real estate investor Henry Turner.  As such, he could be interested in buying the Wine Cellar, not for the restaurant itself, but its parking lot.

I would throw in Prudential but they own so much already that the Wine Cellar is a drop in their bucket.  And, without the gas station, I don't see it having much value to them.

Just saying, opportunity is often where others don't see it.  Time will tell.

[jaxlongtimer]

Buyer for the Wine Cellar property disclosed:

https://www.jaxdailyrecord.com/article/croes-cellar-llc-buys-wine-cellar-property-on-the-southbank

Croes Cellar LLC, associated with real estate investor Ronald Rettner, paid $1.04 million for the Wine Cellar restaurant property on the Downtown Southbank.

Rettner registered Croes Cellar, based in Ponte Vedra Beach, with the state Oct. 4. The limited liability company bought the property Oct. 22.

The Wine Cellar closed Oct. 16 at 1314 Prudential Drive after 47 years in operation.

The Wine Cellar of Jacksonville LLC, led by Vicki Dugan, sold the property. The sale comprises three parcels totaling about a half-acre.

The parcels are two parking lots along Home Street and the 3,909-square-foot restaurant building on Prudential Drive.

Rettner could not be reached immediately for comment. He has invested in other retail properties including in San Marco and in Gateway Village near St. Johns Town Center.

Rettner Realty is based in New Rochelle, New York, with a Ponte Vedra Beach office....

[edjax]

Article posted on Daily Record that the owners of Eleven South and 3 Palms at Sawgrass will be opening an upscale restaurant here called the City Grille and Raw Bar. Great news as a big fan of Eleven South.