Choate Construction Co. was the high bidder July 15 for the Berkman II property along the Downtown Northbank at 500 E. Bay St.
Choate bought the property for $5,125,800, according to the Duval County Clerk of Court.
The sale comes after previous property owner PB Riverfront Revitalization of Jacksonville LLC filed for Chapter 11 bankruptcy March 22 in the U.S. Bankruptcy Court, Middle District of Florida.
The 4th Judicial Circuit Court ordered the property auctioned in favor of Choate, the creditor in the $5,125,739 judgment and lien on the property
Choate’s winning bid was $61 more than the maximum bid listed on the duval.realforeclose.com for the plaintiff.
This is not the first time Choate, the Georgia-based general contractor on the previous condominium project on the property, has foreclosed on the property.
After being granted a $10.2 million judgment and lien, Choate was the lone bidder in a foreclosure auction and secured the property for $100 in April 2014.
In April 2021, PB Riverfront Revitalization acquired the property for $5,503,300. Developer Park Beeler announced plans to demolish the unfinished structure on it and build a $135 million mixed-use project in its place.
After months of delays, the city condemned the property and took over the demolition preparation from PB Riverfront in January 2022.
The structure was imploded March 6, 2022, after being abandoned nearly 15 years earlier.
Construction stopped in December 2007 after the parking garage for the building collapsed, killing one worker and injuring others.
This story has been updated with Choate as the winning bidder