Alex Cranberg, a businessman and strong supporter of school choice, has bought the former site of Lulu’s Restaurant in Ponte Vedra Beach for $4.1 million, according to reports.

Cranberg, who owns a home in Ponte Vedra Beach, made the purchase through his company, Shark Tooth Dining LLC. The 1.34-acre property is located along the Intracoastal Waterway and has been empty since Lulu’s Restaurant closed in 2021. It’s unclear what Cranberg plans to do with the site, but the name of his company suggests a possible new restaurant.

Cranberg is from Texas and has an MBA from Stanford University. He runs Aspect Holdings, a petroleum company, and has served as a member of the University of Texas System Board of Regents. He is also a major supporter of school choice and founded the Alliance for Choice in Education, which has provided over $100 million in scholarships to help low-income students attend private schools.

This isn’t Cranberg’s only recent real estate purchase. In June, he was part of a group that bought One Ocean Resort & Spa in Atlantic Beach for $48.62 million.

At Aspect Holdings, Cranberg serves as chairman, while his wife, Cathy Cranberg, is the CEO.