by Bradley Parsons
Staff Writer
One of downtown’s most distinctive buildings on the market has been attracting interest from in and out of Jacksonville, according to the real estate agent handling the property.
Since taking over the listing last week on Snyder Memorial, a historic church turned music hall, Addison Commercial Realty’s Bob Knight said he has talked to several interested parties in town and one client from Tampa who almost bought the building four years ago. Knight said all the parties showing interest so far proposed to keep the building as a platform for the arts.
“Using it for the arts would really be the highest and best use of the property,” said Knight. “The whole area is shaping up as kind of an arts corridor anyway with the art museum and the library nearby.”
The St. Johns River City Band beat the Tampa bidders for the building in 2000. The band used a $650,000 loan to buy the building, which it planned to convert into its headquarters and music hall. Four years later, the band has yet to pay down the original loan. The City considered in February taking over the property to prevent the band from defaulting on the loan in August. However, Knight said he was still shopping the building for the band.
The building’s asking price is $1.3 million. That money would pay down the original $650,000 and $250,000 in construction liens. The band would pocket the remaining $400,000, Knight said. The band has invested about $800,000 to renovate the building, a process that Knight said was about 80 percent complete. It would be up to the new owners whether to continue the planned improvements once the liens have been paid and work can start again.
Knight said the building could also be used as a restaurant or residences but said the unique red-brick building would probably remain intact. City planners had said previously that they wanted a say in who owned the building. However, Knight said he hadn’t received any input from the City about possible owners or uses for the building.
“I haven’t heard anything from them (the City) about any kind of restrictions. I don’t think it could be a club or a bar for obvious reasons, but it could be a restaurant,” said Knight, who said the Gothic architecture would likely remain.
“My inclination is that the building will be there as long as it’s structurally sound. It’s a unique place and a great asset to Hemming Plaza and downtown.”
Jacksonville Economic Development Commission director John Alderson said the band would control the property until August when a letter of credit held by Jacksonville Beach’s Oceanside Bank comes due. At that point, the City could call in the loan, effectively foreclosing on the band and giving title to Oceanside.
Oceanside CEO Barry Chandler said last month that taking over Snyder was “an option we don’t want to see happen.”
Since taking over the listing last week, Knight said he has received steady interest from a variety of arts organizations, but acknowledged financial terms had yet to be discussed. He said the building’s unique stature downtown would allow him be selective in finding an owner, preferably one that would put the property at Laura and Monroe streets to creative use.