Developer Mike Balanky paid $1.6 million for the almost 1-acre Reddi-Arts property in San Marco that he intends to redevelop as shops and restaurants.
Chase Properties Inc., led by Balanky, bought the site Jan. 10 from B.E.M. Inc., led by Bruce E. Meiselman.
The Downtown Development Review Board gave conceptual approval Dec. 12 to Chase Properties Inc.’s plans to redevelop the property at 1037 Hendricks Ave. as Southbank Crossing.
Meiselman sold the arts supply business to Kelly McCormick, who is relocating it to Springfield in several months.
Meiselman said last week he sold the company to McCormick at 10 a.m. Jan. 10.
Property records show Chase Properties bought two buildings of 15,875 square feet, built in 1954, and 6,480 square feet, added in 1966.
A site plan shows the Reddi-Arts building split into two spaces — a 4,457-square-foot north Building A and a 6,001-square-foot south Building B.
Balanky’s team will adapt the existing property to create the two buildings, but plans call for some demolition. Both buildings are designed with outdoor patio space and room for cafe tables and large bay windows for natural lighting.
Meiselman purchased the property in November 1982 for $675,000, according to the Duval County Property Appraiser. Property records show an assessed value of almost $1.49 million.