The park could close at the Beaches site by the fall, according to bankruptcy filings.
Since 1995, colorful slides and zipping go-karts have greeted drivers entering Jacksonville Beach along Beach Boulevard.
That could change with plans that would likely turn the Adventure Landing park property into a multifamily development, altering the 22-acre property at the Beach Boulevard gateway into Jacksonville Beach.
An industry specialist, Luke McCann, senior associate of multifamily investment sales for Jacksonville-based NAI Hallmark, said the property presents “a unique opportunity” for large-scale multifamily development.
“It is very difficult to find infill multifamily sites in Jacksonville right now, especially in prime submarkets like the Beaches,” he said.
“When you look at where the cost of housing has gone out there, you see people will pay a premium to be on that side of the water. New multifamily developments like these will help balance out supply and demand and give more affordable options to its residents.”
Trevato Development Group, managed by investor Len Allen, purchased the property Feb. 24 through the JB Fair Park MF LLC. MF indicates multifamily.
The Jacksonville Beach City Council is scheduled to receive a public briefing on the project June 28, Mayor Chris Hoffman said June 22.
Hoffman said by email that she heard informally the developer plans multifamily construction.
“I’ll be sorry to see Adventure Landing close because it has been a source of family entertainment at the beaches since the mid-nineties,” she wrote.
“The location is along the key corridor into Jacksonville Beach and it’s important to me that it fits the character of the beach while also minimizing the impact on traffic and the nearby natural areas.”
JB Fair Park MF LLC shares an address with Trevato Development Group in Jacksonville Beach.
Allen signed as the landlord of the Beach Boulevard property on the lease agreement with Adventure Landing, which was included in a filing with the U.S. Bankruptcy Court for the Middle District of Florida.
A new lease agreement was approved last week in U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, that calls for Adventure Landing to vacate the property at 1944 Beach Blvd. in Jacksonville Beach by Oct. 31.
Trevato purchased the property through JB Fair Park MF LLC. Its name now is JB Fair Park LLC.
Allen and Trevato could not be reached for comment.
Trevato’s website says it is a privately held real estate investment and development company, with a goal to “produce high quality projects, importing features from successful comparables in larger up-and-coming Cities.”
Projects include: “A class A multi-family beaches area site redevelopment/repurpose designed to attract tenants with the highest disposable incomes market wide.”
No address was included.
Property records and Trevato’s website show it owns 40 acres on San Pablo Road, where it plans a multifamily and mixed-use development.
Jacksonville Daily Record news partner WJXT TV-4 reported in 2019 that the developer was planning to convert structures it owns through Park FH LLC at 339 and 301 Park St. in Brooklyn into a food hall.
Records show it owns nearly a block in Jacksonville Beach, where its website says it is developing the mixed-use The Gallery at First Street and Fourth Avenue North.
Cronk Duch Architecture worked with Trevato on the The Gallery and the Brooklyn food hall.
Firm partners said June 22 they did not have information on plans at the Adventure Landing property.