St. Augustine-based Augustine Development Group bought the former Independent Life and Accident Insurance Co. home office building at 233 W. Duval St. Downtown for $3.7 million.
Bryan Greiner, president of Augustine Development Group, said Tuesday his group bought the 64-year-old building last week and plans to invest about $28 million in the 180,000-square-foot, 19-story structure.
The group plans to develop 140 market-rate apartments on the second through 18th floors, a grocery store on the 21,000-square-foot ground floor and basement, and a rooftop terrace with a pool, lounge and a high-end sushi and seafood restaurant on the top floor.
The restaurant and grocery store will be leased to a private operator, he said.
KBJ Architects designed the building, which was completed in1955.
The property is on the same block as Sweet Pete’s candy shop and is west of City Hall and north of the U.S. Bryan Simpson Courthouse.