by Liz Daube
Staff Writer
The restored Five Points Theatre building still needs a few finishing touches, but business is well under way in The Shad Company’s office, retail and event spaces.
The group has spent nearly $5 million to purchase and renovate the historic building in Riverside that most recently housed the controversial Club Five. The Shad Company consists of Mike Shad, former owner of the self-titled local car dealership chain, and his sons, Jack and Bill.
A lot has changed since work on the building began in spring 2005: The ground level retail spaces are filled with three upscale shops; Procyon, City Cycle and Urbane Furniture. New tenants have leased about 90 percent of the roughly 25 offices available, according to Bill Shad, who is managing the building. The theater, built in 1927 as Florida’s first “talkie” movie theater, has received a major renovation and can be rented for events like receptions, private movie screenings and weddings.
Shad said final work on the building’s interior should be complete within weeks. Doctors, attorneys, accountants and other small practices have already settled into the offices, which range from 300 to 1,300 square feet in size. The theater is the area the company’s looking forward to developing further, he added.
While the theater stage has a new movie screen set up, the space is slated for private event rentals rather than public screenings.
“That was a question right from the beginning: ‘What’s going to be the best use for that (theater) space?’” said Shad.
The group considered a variety of options, he said. Any thoughts of another bar or nightclub were abandoned after Club Five left, according to Shad. The location’s close proximity to a church meant city government red tape barred the way to another liquor license.
The Shads restored the building’s unique details, both inside and out. Stucco was removed to expose the building’s brick exterior and stonework. Inside the theater, decorative plaster details hidden beneath plywood and black paint were revealed and repaired. In the offices, original terrazzo and hardwood floors were restored.
“The three of us just kind of came together on this project,” said Shad. “We don’t see ourselves as big developers ... (but) who knows what we’ll do next.”
Shad said Jack is part of Main Branch, LLC, the group planning to renovate the vacated Haydon Burns library, and Mike is working on plans for another car dealership in St. Augustine.