A deal to buy the Casa Marina Hotel & Restaurant in Jacksonville Beach has fallen through, according to the property’s owner.
In June, developer Corner Lot said it intended to buy the hotel and a 0.9-acre property across the street. Elias Hionides of the Petra real estate, which owns the hotel and the other property, said Nov. 17 the hotel was no longer for sale.
Casa Marina is at 691 First St. N., south of the Margaritaville Beach Hotel.
Hionides gave no reason for the deal not closing.
“The deal fell apart as sometimes deals do. It is disappointing because a lot of work went into it,” he said.
In a June news release announcing the deal, Corner Lot CEO Andy Allen called it “a once-in-a-generation opportunity to honor Jacksonville Beach’s past while thoughtfully investing in its future.”
Corner Lot issued a news release Nov. 17 that the Casa Marina deal was off. It had also planned to build a five-story retail and hotel or apartments with a public access parking garage at 102 Sixth Ave. N., across from Casa Marina.
“While the team remains deeply committed to investing in vibrant, community-centered projects across Northeast Florida, the Casa Marina site will not move forward at this time,” Corner Lot said in the release.
After nine months of meetings with staff and city of Jacksonville Beach City Council, Corner Lot had gained approval to build the project.
“We are incredibly grateful for the partnership and collaboration shown by the City of Jacksonville Beach and its leadership,” said Billy Zeits, executive vice president of government affairs for Corner Lot, said in the release.
“Our intention was always to restore a historic site and contribute something truly special to the community. Although this project isn’t moving forward, we’re proud of the relationships formed and the vision we brought to the table.”
Hionides said Petra now intends to refurbish the hotel starting in the first quarter of 2026. The interior design is being developed.
He declined to provide the name of the interior design company or a project cost estimate. He said the interior design firm is nationally known.
Hionides said renovation details and news of a rebranding will come in early 2026.
The work will take place in phases, and the hotel will remain open during construction.
Planned renovations will include the hotel’s 23 guest rooms and all common areas as well as the rooftop Penthouse Lounge.
Last summer, local media reported that brides-to-be were disappointed to learn that weddings booked for 2026 were canceled.
Casa Marina is now accepting reservations for weddings and parties for 2026.
“We canceled those weddings because the prospective owner did not want any weddings,” Hionides said.
Had the deal gone through, Corner Lot had planned to close the hotel while its renovations were underway.
Petra bought the Casa Marina in 2002 for $4.18 million. Property records say it was built in 1924 and is 22,616 square feet. It opened in 1925.
The hotel has a Historic Hotels of America designation by the National Trust of Historic Preservation. Hionides said that because of the designation, he couldn’t estimate a completion date for the renovation.
“With a historic property, it is hard to pinpoint a completion date. The hotel is not that huge. We’ll see what we uncover when we peel back the layers. That is when the fun begins,” Hionides said.