Jaguars owner Shad Khan will buy Seahorse Oceanfront Inn, Lemon Bar in Neptune Beach

Jaguars' owner Shad Khan and his Iguana Investments Florida will expand their real estate holdings from the downtown riverfront to the Beaches oceanfront by purchasing the Seahorse Oceanfront Inn and Lemon Bar.

Khan said he was drawn by the "unique vibe" of the Beaches Town Center where the Seahorse Inn is part of an array of hotels, restaurants and shops clustered within walking distance of each other and the ocean.

The two-story Seahorse Inn dates back to 1954 and boasts that hotel guests can enjoy ocean views from the rooms. The Lemon Bar, located in the hotel's courtyard, also is a popular place for taking in beach vistas.

Khan, who has been active in downtown development in the area of the football stadium, said in a statement he envisions the Seahorse Inn and associated properties will continue be like what's in place now with a boutique hotel, restaurant, parking and other public amenities.

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"I have great faith in the future of Jacksonville, from downtown to the beaches and all the neighborhoods in between," he said. "I've always appreciated the unique vibe of the Beaches Town Center community and it means a lot to me to play a small role in the community's continued growth, just as we are with development of Jacksonville's downtown riverfront."

The announcement did not disclose terms of the purchase agreement between Iguana and the family that owns the hotel. The Duval County Property Appraiser uses a $3.3 million market value for the property in its records.

Kathy Cole and her children Will and Emma first met with Iguana in March about a potential sale of the hotel, and the continuation of those talks resulted in a letter of intent for the family to sell the property to Iguana.

Kathy Cole said it's a "bittersweet day" for her family but she is confident Iguana will ensure the hotel has a prosperous future.

"We poured much of our heart and soul into the Seahorse Oceanfront Inn over the past many years, and we've certainly enjoyed the journey, knowing the properties have meant so much to the Jacksonville community," she said in the announcement. "Now it's time to pass the torch, and we're really happy to see these properties going into the right hands with Shad Khan and Iguana Investments."

Jacksonville City Council member Rory Diamond, who represents the Beaches, said he expects Khan's investment will bolster what's been happening at the town center.

"Everything Shad Khan buys or touches turns to gold, so I'm sure that over time we're going to see this as a great investment in our Beaches community," Diamond said.

He said he understands Iguana does not have plans to increase the intensity of uses on the property "which is great news for everybody concerned."

"The Seahorse is legendary, no matter how you cut it," Diamond said. "Lemon Bar is legendary, no matter how you cut it. It's a great spot and I'm really exited to see what the future for those will be."

This article originally appeared on Florida Times-Union: Jaguars owner Shad Khan will buy Neptune Beach oceanfront hotel