by Mike Sharkey
Staff Writer
Commercial real estate broker Sam Easton has purchased the old Marine National Bank at the corner of West Duval and North Julia streets. Along with several investors, Easton now owns the entire block, which also includes the long-empty Ambassador Hotel.
Easton, president of Easton Sanderson Company, said he purchased the building on speculation and doesn’t have any firm plans for it at this time.
“I’m not certain what I’ll do with it,” said Easton, who closed on the property last month. “I’m talking with architect Jack Diamond about some ideas.”
The old bank, which merged with First Alliance Bank and relocated to San Jose Boulevard, currently houses telecommunications and fiber optic infrastructure owned by Epik Communications, which recently declared bankruptcy. Easton said the fiber optic issue has been settled for now.
“They are leasing back space from us for the next three years,” said Easton. “But they are bankrupt, so we are dealing with another company. We have the option to move them out at our cost. Right now, it’s [the fiber optic infrastructure] servicing a few different people.”
While he doesn’t have anything specific in mind for the bank building, Easton said sitting on the property forever isn’t on his agenda.
“Anytime you spend that kind of money, you can’t sit on it,” said Easton, who paid $1.95 million for the bank. “The decision was made to make the move and the time was right.”
The location isn’t bad, either. The block — which is bounded by Duval, Julia, Pearl and Church streets — is diagonally across from the recently completed new United States Courthouse at Jacksonville. More importantly, the block is directly across the street from the new $211 county courthouse complex, which is scheduled to be done in 2005, and is just a block away from City Hall. That fact is not lost on Easton.
“Being located there makes it a pretty valuable block,” said Easton. “The block is 67,410 square feet and I’ve got it all; either by myself or with a group of investors.”
Easton said he expects to develop some of the block into a mixed-use project, complete with retail, a parking garage and office space. He has more specific plans for the 120-room, H-shaped Ambassador Hotel, which has been vacant for years.
“We’d like to convert it into a 55-unit hotel with suites,” said Easton. “I’d like to get with Marriott or somebody like that. We’ll have commercial space downstairs.
“The hotel is in the national registry as landmark status, so whatever we do with the rest of the block will enhance the value of the hotel.”
Easton said he’d like to finalize development plans within the next six months and believes construction could be done 18 months to two years later.
“We’ll probably come in about the same time as the new courthouse,” said Easton.