Jon Xynidis, a local business owner in Holly Hill, snatched up The Market for $600,000. He got it absurdly cheap as the Holly Hill administration has spent about $1.5 million in renovating the place. The money for doing so came from the community redevelopment funds. The Market complex is located on the corner of Riverside Drive and 2nd Street. The structure is a historic one and necessitated a significant face-lift.
The coquina building has only one floor. It was constructed in 1938. The property is inclusive of a landscaped park, similar to a courtyard in the middle. There is a canopy formed by live oak trees. A fountain is present as well.
Historical records suggest that the original purpose of The Market was as an open-air shopping destination. The commemorative plaque located on the grounds has noted that this property was then dedicated to the memory of one Caspian Hale, born 1889, died 1938. The person was also a state representative from 1935 to 1937. A modern city document made in 2011 regarding proposed renovation project showed that the building itself was constructed as a W.P.A project at the time of Great Depression. Initial repair costs were estimated to be in the region of $200,000.
Mayor and businessperson
John Penny, the Mayor of Holly Hill, expressed happiness about the deal, despite accepting a $900,000 loss. To justify such a monetary damage, he said that it makes an excellent decision for the city to quit the property management or property ownership business. He pointed out the city is all set to sell a part of one Holly Hill Middle School to Jayson Meyer, the owner of Synergy Billing. Another private businessman will also purchase a vacant lot located a little south to The Market. These sales mean another property will be added to the tax roster. Joe Forte, the City Manager, said that he urged City Commission to sell as no government can be an excellent landlord.
Xynidis, the new owner, at 42 years old, owns Xcel Wealth Management LLC. Its office has occupied one of the many office spaces from 2016. He is a resident of Ponce Inlet. The businessman took the decision to purchase the historic building as his business requires a bigger space. The building's excellent location was also a plus point. It is situated a little north of the city line of Daytona Beach, simply a block from the Halifax River. The historic charm of The Market is easily noticeable to the tourists.