Interior demolition work could soon begin in the theater space of the Five Points Theater building as Union South Partners plans a $2 million investment to renovate the historic building at 1028 Park St.
The city is reviewing a permit application for Compass Group Inc. of Yulee to demolish nonstructural elements, finishes and seating in preparation for the replacement and installation of new finishes in the theater space at an estimated project cost of $100,000.
Costs could be adjusted as the permit is reviewed.
According to the application, Compass Group will demolish about 12,000 square feet of the former Sun-Ray Cinema space. Sun-Ray closed July 6.
The lease for Sun-Ray Cinema, which had operated a two-screen movie theater in the building since 2011, had expired and was not renewed.
Marathon Music is listed on plans as the owner of the space in the project. HJM Architects Inc. of Kansas City, Missouri, is the architect.
Marathon Live, a venue management company based in Nashville, Tennessee, announced in a July 8 news release that the former Sun-Ray Cinema in Five Points will become a live music venue in January that will be called FIVE.
According to its website, Marathon Live provides turnkey services, including booking performers, marketing, ticketing, event operations and food and beverages tailored for each event.
The four-story, 35,000-square-foot building, designed by architect Roy Benjamin was built in 1927 and opened as the Riverside Theatre. It was the first theater in Jacksonville to screen films with sound while also accommodating live theater performances.
Andrew Seng and Jay Weaver, founders of Union South Partners of Decatur, Georgia, purchased the building May 16 for $7 million through 1028 Park LLC.
“We have a strong record of success in activating adaptive reuse projects very similar to this one across the southeast to enhance their appeal as mixed-use destinations for both the immediate neighborhood as well as the broader community,” Seng said in a news release.
“The Five Points Theater building has played an iconic role in helping shape this neighborhood during the past century, and we intend to keep its historic roots as an entertainment and retail complex intact.”
The building has tenants occupying retail and office spaces that will remain in place for the duration of their existing lease agreements.
The venue opened and closed a few times during the 1930s and 1940s before being remodeled in 1949 and reopening under the name that remains today, the Five Points Theater building.
The theater closed in the 1970s because of the growth of suburban multiscreen cinemas.
The space later functioned as a live acting theater run by the River City Playhouse before transitioning in 1991 into Club 5, which presented live music performances. Club 5 closed in 2004.
The Shad family acquired the building in 2004 and invested $5 million in renovations, restoring its original façade and also securing historic landmark designation from the city.
The building currently has retail and office space available for lease under the new ownership.
In addition to renovations planned for the theater and retail spaces, the new owner is planning a modernization of the office lobby, common areas and restrooms.
Colliers International is the leasing agent for the building.
Marathon Live also is planning a venue in the Dennis + Ives mixed-use development at 1505 Dennis St. in the Rail Yard District.
“The Dennis + Ives one is still coming, FIVE is just coming first,” the company posted July 8 on Facebook.
At Marathonlive.com/events, the company said the Dennis + Ives location is “coming soon” at 1505 Dennis St. in Jacksonville’s Rail Yard District off of Interstate 95.