Offers fell short of the purchase price JEA was seeking for their property at 9201 Atlantic Blvd., the former Coggin Pontiac auto dealership.
Bids were opened Tuesday for the property at the northwest corner of Atlantic and Southside boulevards, but none reached the appraisal value of $4,033,750, the minimum offer JEA said it will accept.
Only two proposals were submitted. The highest bid of $2,750,000 came from Southwood Development Co., known for acquiring and investing in a range of real estate types. The other bid was submitted through Watson Realty for Auto Boutique LLC.
JEA said they plan to rebid the property, but would not commit to a decision to lower the minimum acceptable price.
The property is zoned CCG-2 – commercial community/general-2, which outlines what is allowed or could be permitted by exception.
A recorded deed shows that JEA bought the 5.088-acre property in 2011 for about $3.25 million from C&O Properties Ltd. of Duluth, Georgia. Property records show the three buildings on the site, totaling almost 50,000 square feet, were developed in 1969.
JEA bought it for use as a staging area for a water main project. The sale of the property is a strategy by JEA to sell or lease property that serves no current or anticipated need “in order to maximize return.”
