JACKSONVILLE, Fla., October 14, 2022 – The owners of the Seahorse Oceanfront Inn, Lemon Bar and nearby properties in Neptune Beach today announced they have entered into a letter of intent to sell the assets to Iguana Investments Florida, LLC.

Iguana Investments is a special purpose entity formed by Shad Khan, owner of the NFL’s Jacksonville Jaguars. Traditionally focused on the revitalization of Downtown Jacksonville, including the current Jacksonville Shipyards project, Iguana Investments is marking its first project beyond the scope of downtown with the purchase of the Neptune Beach properties.

Property owners Kathy Cole, son Will and daughter Emma first met with Iguana Investments in March to express their desire to transfer ownership and operations of the properties to a party with the appropriate financial resources and commitment to ensuring a promising future for the popular Beaches Town Center destination.

“This is a bittersweet day for our family,” Kathy Cole said. “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.  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. I have no doubt they will do the right thing for the viability and success of the property well into the future.”

Khan said that while plans for the property are still in development, he envisions an investment that will be consistent with what exists today – a boutique beach hotel, restaurant, parking and other public amenities.

“I have great faith in the future of Jacksonville, from downtown to the beaches and all the neighborhoods in between,” Khan 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 the development of Jacksonville’s downtown riverfront.

“None of this would be possible without the faith of Kathy Cole and her children Will and Emma. They’ve all been instrumental in bringing life to Neptune Beach, and I thank them for their confidence in the ability of our Iguana group to help realize their goals and a promising future for our entire region.”

Iguana will engage with local stakeholders in the Neptune Beach, Atlantic Beach and Beaches Town Center community as the transaction proceeds through the necessary inspections and due diligence. Following the closing, Iguana intends to hire a management company to maintain the operations of all properties as they currently exist. Terms and Conditions of the agreement are confidential and will not be disclosed.