When Florida-based Augustine Development Group purchased the former Ambassador Hotel in downtown Jacksonville for $5.4 million, it had been vacant for years. But AXIS Hotels LLC, an affiliate of the St. Augustine-based group, saw that the building could bring something more to the neighborhood.
When Florida-based Augustine Development Group purchased the former Ambassador Hotel in downtown Jacksonville for $5.4 million, it had been vacant for years. Originally built in 1924 as high-end apartments, it even garnered recognition on the National Register of Historic Places in 1983. By 1998, the building had turned over several times, fallen into disrepair, and was condemned.
But AXIS Hotels LLC, an affiliate of the St. Augustine-based Augustine Development Group, saw that the building could bring something more to the neighborhood. AXIS Hotels proposed a plan in 2018 to convert the disused building into a 127-room hotel, bringing new energy to the central core of the city.
The City of Jacksonville Downtown Investment Authority provides a $1.5 million grant to induce economic development in this part of the city. Wyndham Worldwide Hotels is providing a $1 million incentive payment upon the opening of the hotel. With a $3.8 million LISC loan, AXIS Hotels can bridge future funding to make steady progress on the renovation of the building.
AXIS has already completed internal demolition and just began the next phase of its renovations. The city of Jacksonville issued a permit to AXIS Hotels LLC on July 27, 2021, to begin safety and exterior improvements to convert the existing building into a 127-room TRYP by Wyndham hotel. When completed, the building will also hold a restaurant and lounge.
The renovation and reutilization of this historic building aims to build momentum to reinvigorate commercial uses in downtown Jacksonville.
“This redevelopment is leveraging the historic character of downtown to bring new life to the area,” says Chuck Shealy, LISC Jacksonville Program Officer. “The developer’s commitment has spurred additional investment for redevelopment in this portion of downtown. Creating job opportunities for the residents of the surrounding urban core neighborhoods of Jacksonville.”
“The developer’s commitment has spurred additional investment for redevelopment in this portion of downtown. Creating job opportunities for the residents of the surrounding urban core neighborhoods of Jacksonville.”
- Chuck Shealy, Program Officer at LISC Jacksonville, Jacksonville, FL
Jacksonville is currently seeing hotel demand rebound to pre-Covid levels, but the last new hotel in Downtown Jacksonville opened a decade ago. The new TRYP by Wyndham is projected to be only the second hotel to open Downtown since 2012, bringing new options to visitors to the area.
In addition, according to the latest Downtown Jacksonville State of Downtown Report, residency is increasing alongside visitor growth, and 40% more residents are living in the area than five years ago. A future phase of this AXIS Hotels project aims to continue this growth and interest in housing downtown through building 200 units of affordable/workforce multifamily housing to increase the availability of housing for Jacksonville residents.
While the Ambassador Hotel project is just entering its first phase of construction, the mix of support from local government, business partners, and community organizations is a strong sign of the inviting space to come.