Blue Orchid Thai Cuisine negotiated a 10-year lease for its 1551 Riverside Ave. location, its second restaurant in Jacksonville, said Jacksonville-based NAI Hallmark.
It also is the first step in a multifamily development.
NAI Hallmark Vice President Austin Kay and Senior Associate Eric Yi represented the landlord, Dr. Frank Schiavone of Schiavone Enterprises, who is developing the property as Riverside Village.
“This was a deal that required a tremendous amount of patience from all parties involved as we dealt with the uncertainty caused by the Covid-19 pandemic,” Yi said in a news release.
He said Schiavone was committed “to secure a thriving restaurant concept as part of his overall redevelopment plans, and Blue Orchid matched our enthusiasm for this site to serve as their flagship location.”
Lara Bahri with CBRE represented Blue Orchid, whose first restaurant is in Harbour Village.
“Riverside Village will be a great balance of an outstanding restaurant and modern apartments in historic buildings,” Schiavone said in the release.
The property comprises four medical and office buildings on 1.3 acres at Riverside Avenue and Memorial Park Drive with views of Memorial Park.
The release said one medical building is being converted into the restaurant and the remaining three are being converted to multifamily use.