Shad Khan closes on purchase of Lemon Bar & Seahorse Inn

[marcuscnelson]

Through Iguana Investments, Shad Khan closed today on purchasing the Seahorse Oceanfront Inn and with it Lemon Bar.

https://1stdowntownjacksonville.com/wp-content/uploads/2023/08/Closing-Statement-Lemon-Bar-and-Seahorse-Inn-83123.pdf

Long-term plans for the property are still under development. As shared late last year, Iguana plans to redevelop the property as a boutique resort hotel, similar to what is in place now, along with additional amenities and supporting uses. Future resort amenities may include a spa, beach club, fitness center, restaurant, improved Lemon Bar, parking, and retail space.

[BridgeTroll]

One of my favorite places to stay at the beach... stay at the Seahorse and party at Lemon bar... too fun...

[jaxlongtimer]

Shad paid about $37 million for the Seahorse plus another $2.6 million for the owner's house across the street.  Appears to be over $2,100/sf.  Not a bad return on a purchase for $2.7 million in 1997, just 26 years ago.  Guaranteed, rates will go up proportionally  !  BT, you better savor those memories, might not want to pay the new rates.

https://www.jaxdailyrecord.com/news/2023/sep/01/shad-khan-pays-3695-million-for-the-seahorse-oceanfront-inn-in-neptune-beach/

[BridgeTroll]

Shad paid about $37 million for the Seahorse plus another $2.6 million for the owner's house across the street.  Appears to be over $2,100/sf.  Not a bad return on a purchase for $2.7 million in 1997, just 26 years ago.  Guaranteed, rates will go up proportionally  !  BT, you better savor those memories, might not want to pay the new rates.

https://www.jaxdailyrecord.com/news/2023/sep/01/shad-khan-pays-3695-million-for-the-seahorse-oceanfront-inn-in-neptune-beach/

Absolutely... remember the Turtle Inn?

[Tacachale]

Shad paid about $37 million for the Seahorse plus another $2.6 million for the owner's house across the street.  Appears to be over $2,100/sf.  Not a bad return on a purchase for $2.7 million in 1997, just 26 years ago.  Guaranteed, rates will go up proportionally  !  BT, you better savor those memories, might not want to pay the new rates.

https://www.jaxdailyrecord.com/news/2023/sep/01/shad-khan-pays-3695-million-for-the-seahorse-oceanfront-inn-in-neptune-beach/

Absolutely... remember the Turtle Inn?

Neptune Beach kid here. The loss of the Sea Turtle was one of the great bummers in Beaches history.

[jaxlongtimer]

Along with Le Chateau.  We had many Sunday brunches at one or the other in the day.  Old Florida gone forever. 

When Shad is through with the Seahorse, based on what he paid for it, I doubt it will resemble its past much.  It will likely be the beginning of another version of the Ponte Vedra Inn & Club within a few years.  He might even try to acquire Ocean One or other surrounding properties to build a bigger resort property over the years to come.  Shad isn't one to stand pat on real estate development, he has grand visions.

[marcuscnelson]

It certainly strikes me as a little sad, but honestly I think it's past time that we saw growth at the Beaches. A decade ago we spent tens of millions of state and federal dollars to reconstruct Atlantic and Beach Blvds over the Intracoastal, not to mention the Wonderwood Connector, we're spending millions more now reconstructing A1A/3rd Street, it's one of the highest demand areas in the region, housing prices are skyrocketing... and yet I go there and find an abandoned Kmart, big empty parking lots and little buildings that cost way too much. That shouldn't be possible, and it's bad policy. With demand what it is you're either going to have a new, bigger hotel & bar with more rooms or the same hotel but it costs more anyway, and I know what I'd rather see.

[BridgeTroll]

I most certainly understand the need to move forward... the old sea turtle was pretty much a dive and ocean one is a huge improvement... but... it's OK to miss or remember the old.  We bemoan the loss of historical buildings downtown understandably... the same should be said for sea horse and lemon bar.  I'm certain shad khans sea horse and lemon bar improvements will be memorable for the next generation of party people...

[jaxlongtimer]

I most certainly understand the need to move forward... the old sea turtle was pretty much a dive and ocean one is a huge improvement... but... it's OK to miss or remember the old.  We bemoan the loss of historical buildings downtown understandably... the same should be said for sea horse and lemon bar.  I'm certain shad khans sea horse and lemon bar improvements will be memorable for the next generation of party people...

^FYI, my memories of the Sea Turtle predate the hotel when it was just the restaurant.  It's sister in-town restaurant was the Green Turtle on Phillips Highway, also popular with the townies.  The "turtle" owing Adeeb family continues in the business today with the Bono's and Beach Diner restaurants.

[Charles Hunter]

Didn't the Adeebs also own the Green Derby, where the BCBS tower is in Brooklyn?

[Tacachale]

I'm very in favor of additional (smart) development at the Beaches, especially compared to other Beaches natives. I also have no problem with change if it's good change. To me the issue is that sometimes the changes take something that was used and liked by average residents and replacing it with something that caters mostly to tourists and rich newcomers.

Often times in the past, locals see some new project that doesn't benefit them or even takes away something they liked. It encourages the kneejerk anti-development attitude that's common at the Beaches, where people are so wary of developers that at one point they opposed turning an obsolete K-mart strip mall into walkable residential development. Not saying that'll happen with this particular project, but that's the thing that's worrying folks.

[jaxlongtimer]

Didn't the Adeebs also own the Green Derby, where the BCBS tower is in Brooklyn?

That was Fred Abood.  Names easy to confuse  .

[Charles Hunter]

Didn't the Adeebs also own the Green Derby, where the BCBS tower is in Brooklyn?

That was Fred Abood.  Names easy to confuse  .

And it was a loooong time ago