The new owner of the former Campeche Bay Cantina building says he's open to the idea of another restaurant picking up where the landmark Jacksonville Beach restaurant left off after 33 years in business.

127 1st Avenue North LLC led by Marc Angelo, a veteran real estate estate investor and developer, paid $1,950,000 for the roughly 7,644-square-foot building on Aug. 8 — just one day after the beloved Mexican eatery closed, Duval County court records show.

A short walk to the beach, the building's most recent assessed market value is $998,800 for the building. That is slightly less than its $1,009,400 certified value last year, according to county property records.

Angelo said they are looking at all the options for the building, which is in good condition and "pretty much ready to go as a restaurant."

"We're just kind of exploring our options right now. But we're open to talk to any restaurant that would be interested in being there," Angelo said.

Former Campeche Bay co-owners Vince McGuire, Dave Boulier and Tom Sprowell shut the doors of the popular restaurant at 127 1st Ave. North on Aug. 7. 

They cited McGuire and Bouiler's upcoming retirement for the closure. Although he didn't elaborate, Sprowell noted that as "one door closes, another one opens.”

Angelo described the three as "good guys" who had taken good care of the building. He said that he offered to lease the building back to them if they wanted to keep the restaurant open, but they declined.

The sale, Angelo said, came together quickly. The building on 0.15 acres has a lot of potential, he said.

"That building hasn't been available for 33 years and now that it's available with all the exciting things going on at Jacksonville Beach, I'm just looking forward to having a good tenant come in and take over," Angelo said.

Angelo and his wife, Beth, who's also a business partner, registered 127 Avenue North LLC  with the state on July 26, according to Florida Division of Corporations records.

However, they have been involved in multiple real estate projects in Jacksonville and the Beaches.

In 2017, they bought the former Costa Verde Plaza, at 2415 S. Third St. in Jacksonville Beach, for $5 million, records show. They cleaned it up and renovated the shopping center, which is now Costa Verde Shops, which includes Casa Maria Mexican restaurant.

Angelo also is a partner in another shopping center at 2400 S. Third St., Jacksonville Beach, which includes restaurants Bonefish Grill and Roy’s.

The Campeche Bay building, he said, is an opportunity to do something that will benefit the whole community as well as whatever business locates at the site.

"We love Jacksonville Beach and all the Beaches. We completely expect to do something that will be great for everybody at the Beach. I just can't tell you what that is yet," Angelo said.

Teresa Stepzinski: (904) 359-4075