Downtown Jacksonville property get $5.4 million investment

$100M invested into downtown property

Major changes are coming to downtown Jacksonville after millions of dollars in building sales were made within the last few months.

Bryan Greiner, the president of Augustine Development, said the revitalization of downtown Jacksonville was a long time coming.

Greiner and his team bought an entire downtown block for $5.4 million, with plans to renovate the old Ambassador Hotel.

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“Would like to renovate it to a 100-room property,” Greiner said.

It’s been vacant for close to 20 years. They also plan to add a 200-unit apartment and retail space with the block they purchased.

The hotel should be open in about a year.

According to the 2017 Jessie Ball DuPont fund study, there are 73 vacant buildings in Downtown Jacksonville.

VyStar Credit Union bought the Suntrust building where hundreds of their employees will be relocated. The building will become their headquarters.

Orlando investors who own Mathers Social Gathering, purchased 120 E. Forsyth Street, where they plan to open a swanky upscale bar.

Just last month, Action News Jax told you the Berkman Plaza II was sold with plans for a hotel and space for entertainment.

Business owners hope these changes will encourage others to invest in a growing downtown.