A St. Augustine-based development company has purchased five parcels of downtown land that includes the abandoned Ambassador Hotel.
The developers plan to renovate the hotel — which is on the National Register of Historic Places — and build 200 apartments and 15,000 square feet of retail and restaurant space nearby.
Axis Hotels LLC, which is associated with Augustine Development Group, bought the roughly 1.5 acres between Duval, Julia, Church and Pearl Streets for $5.4 million, according to…
