One stretch of Bay Street is being targeted as a future entertainment district by one local real estate investor.
The Holmes building, located on Bay Street between Newnan and Ocean streets, is being purchased by Chris Hionides, a local developer and investor.
O.U.R. Properties Inc., owned by Hionides, purchased the building across from the Downtown Library a few months ago. That building is currently leasing space and is being managed by Petra Management. Hionides also owns property in Springfield and at the beach.
According to leasing agent Bob Knight of Schultz Foster Addison, listing agent for the property, Hionides plans some type of entertainment venue at the site.
“I’ve encouraged him to go ahead and renovate the building and lease out spaces to people who want to be in the entertainment business including a jazz club, boutique, or a small restaurant,” said Knight. “I think they will lease out quickly once the building is renovated.”
According to Knight, the building needs a new roof, windows and some demolition. It also needs to be re-wired, new plumbing and restoration of its original brick and wood columns.
Mary Farwell of Petra Management, who represent Hionides, said a closing date has not been set, but it should be in October.
Currently there are five store fronts in the ground floor of the building. Each is about 1,800 square feet. The building was listed for $800,000, but the purchase price has not been released.
“It’s inappropriate to release information until a property closes,” said Farwell.
Knight was working with one group that wanted to put an English pub in the building and another who wanted to do a cafe/jazz club.
The building is situated between the Bostwick Building (better known as the Jaguar building) and Financial Printing.
According to Knight, there is 8,000 square feet upstairs that could be either loft apartments or a night club.
“It is a great residential opportunity,” said Knight. “Or, it could be a great dance hall upstairs. The ceiling is 14 feet high, so it gives a nice atmosphere. It has hard wood floors and at least eight windows on each side.”
Knight says the Holmes building is an ideal spot for entertainment.
“I think it makes perfect sense that it would be one of several entertainment districts downtown,” said Knight. “One interesting thing is that there is an alley way that runs the whole way behind the Holmes building. People could leave the Florida Theatre and go to other venues on the block after the show. It would be great to utilize a secure alley to go to another form of entertainment.”
Knight said the area could be an even bigger entertainment district in the future because of The Shipyards project and the Adam’s Mark Hotel.