Community First Credit Union of Florida announced Oct. 15 it bought the former Edgewood Bakery property and building at 1012 Edgewood Ave. S.
Jacksonville-based Community First is in the early stage of analysis related to the property and building, but it plans to serve Murray Hill with a future financial services branch, it said in a news release.
Community First said it bought the property Oct. 11.
The deed recorded with the Duval County Clerk of Court shows the purchase price was $1.65 million.
The property was owned by restaurateur John Valentino through Pie High Real Estate Holdings LLC. He acquired it for $700,000 in 2016, the year Edgewood Bakery closed.
Valentino owns area Mellow Mushroom restaurants and The French Pantry.
The Daily Record reported in 2017 that Valentino was considering opening the city’s second The French Pantry at the Edgewood Bakery, but those plans did not materialize.
“Community First has a long history of serving our members and being strong community partners,” Sam Inman, president and CEO of Community First, said in the release.
“We intend for this future Murray Hill location to become an asset to the historic Edgewood Avenue Business Corridor retail strip that has been serving the neighborhood for almost 100 years.”
The property includes a 5,714-square-foot restaurant with an additional 1,500-square-foot building on 0.71 acre at Edgewood Avenue South and Post Street.
Valentino’s Legacy Restaurant Group listed the property for sale this year.
It was the Edgewood Bakery from 1947 until it closed in 2016. The property also has a connection to Jacksonville Jaguars owner Shad Khan.
Khan’s company, Stache Investments, bought the property in 2015 before selling it to Valentino.
“Something special is happening in Murray Hill and this is just another example of how attractive it is to entrepreneurs, small businesses and others who serve our community. Community First will play a vital role in Murray Hill’s commercial and neighborhood revitalization and quality of life,” Greg Beere, president of the Murray Hill Preservation Association board, said in the release.
The release said Community First has not determined whether it can repurpose or renovate the existing structures.
Community First said it has more than 1,300 members who live within about 2 miles of the site.
The credit union is expanding with six new branches announced or opened since 2022 when it had 19 locations.
Community First recently announced the opening of its Murabella Branch (Branch 22), the start of construction of its Beachwalk Branch (Branch 23), a property purchase for its Callahan Branch (Branch 24) and property purchase for a Treaty Oaks location in St. Johns (Branch 25).
It is also building a location in Southside Quarter on Gate Parkway to replace its Baymeadows Branch.
Community First Credit Union of Florida is a state-chartered credit union based in Jacksonville serving people who live or work in Northeast Florida. It is one of the largest credit unions in Florida with $2.8 billion in assets and 175,000 members.