Jacksonville-based Grunthal & Schueth Properties Inc., a commercial real estate development firm, submitted the high bid Tuesday of $3.21 million for JEA property at 9201 Atlantic Blvd., the former Coggin Pontiac auto dealership.
Two bids were opened for the 5-acre property at northwest Atlantic and Southside boulevards with one bid exceeding the $2.75 million minimum offer JEA would accept.
JEA received two bids June 18 that failed to reach the appraisal value of $4,033,750, the minimum price JEA would accept at that time.
Grunthal & Schueth prinicpals Leonard H. “Buzzy” Grunthal III and William F. “Bill” Schueth would not comment when asked about their plans for the property. The group focuses on retail development.
City staff reported that Southside Development LLC submitted a bid of $2.5 million.
The property is zoned commercial community/general-2, which outlines what is allowed or could be permitted by exception. Property records show the three buildings on the site, totaling almost 50,000 square feet, were developed in 1969.
JEA bought it for use as a staging area for a water main project. The sale of the property is a strategy by JEA to sell or lease property that serves no current or anticipated need “in order to maximize return.”
The next step is for JEA to negotiate terms of a contract.
