by Staff
Gate Petroleum Company has completed its purchase of The River Club, the 50-year-old private club atop Independent Square.
The deal closed Friday for an undisclosed amount, and the new owners are promising members major renovations.
“We consider it an honor to take over The River Club,” said Herbert Peyton, president of Gate Petroleum Company and a River Club member for more than 30 years.
Design plans are under development. Total costs for renovating The River Club’s 34th and 35th floors in Independent Square are estimated to exceed $2.5 million. The River Club will be given a new look, but will retain its traditional elegance.
Gate plans to close the club on June 1 and complete the total redesign and renovation before Labor Day. The improvements will be made without a capital assessment to members.
Gate also owns and manages the Ponte Vedra Inn and Club, Epping Forest Yacht Club and The Lodge and Club. Gate representative Jeremy Smith said during its 90-day closing, River Club members will have full access to those clubs.
“And when the River Club reopens, its members will notice a complete, head-to-toe refurbishment,” he said.
Bill Birchfield, The River Club’s former president, said “Gate’s success in managing these three prestigious clubs indicated its ability to restore The River Club’s stature.”
“The River Club has always been the crown jewel of downtown Jacksonville. Our pledge to the board of directors and the membership is to reestablish The River Club to its place as a thriving premier downtown club whose trademark is exceptional dining and service to its members and guests.” said Peyton.