NEPTUNE BEACH, Fla. – Shad Khan is expanding his ongoing list of investments throughout Jacksonville with the addition of the popular, and always busy Neptune Beach property.
The owners of the Seahorse Oceanfront Inn and Lemon Bar announced Friday morning that they are selling the property to Iguana Investments, LLC, a special property entity formed by the Jacksonville Jaguar’s owner.
Recommended Videos
“None of this would be possible without the faith of Kathy Cole and her children Will and Emma. They’ve all been instrumental in bringing life to Neptune Beach, and I thank them for their confidence in the ability of our Iguana group to help realize their goals and a promising future for our entire region,” Khan said.
Conversations between Khan and the Neptune Beach property owners Kathy Cole and her children Will and Emma began in March to express their desire to sell the properties to a “party with the appropriate financial resources and commitment to ensuring a promising future for the popular Beaches Town Center destination,” according to the news release.
“This is a bittersweet day for our family. 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,” Cole said. “Now it’s time to pass the torch, and we’re really happy to see these properties going into the right hands with Shad Khan and Iguana Investments. I have no doubt they will do the right thing for the viability and success of the property well into the future.”
Plans for the property are still under development, but Khan did mention a vision that is consistent with what exists today -- a boutique beach hotel, restaurant, parking and other public amenities.
“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.
Khan plans to engage with local stakeholders in Neptune Beach, Atlantic Beach and Beaches Town Center communities as the transaction is finalized.
Also, following the closing, Khan intends to hire a management company to maintain the operations of all properties as they currently exist.