Newspaper article The Florida Times Union

Times-Union Property Up for Sale or Redevelopment; Company to Consider Variety of Options for 18 Acres on St. Johns River

Newspaper article The Florida Times Union

Times-Union Property Up for Sale or Redevelopment; Company to Consider Variety of Options for 18 Acres on St. Johns River

Article excerpt

The Florida Times-Union property at 1 Riverside Ave. is on the market for possible sale or redevelopment.

Morris Publishing Group, parent company of the Times-Union and Jacksonville.com, said Saturday that it will consider proposals to sell the 18-acre property on the St. Johns River, or consider possible partnerships to develop the site for mixed use, including offices, a hotel or multifamily housing.

"Newspaper-based companies across the country are adapting to the explosion of digital technologies," said Mark Nusbaum, president of Times-Union Media. "Most of their buildings were designed to accommodate industrial typesetting machines that have been replaced by computers, requiring substantially less space. Digital communication also means that, while offices like the newsroom and advertising can remain in the central city, the presses and distribution facilities can be located on major truck-transportation routes."

Morris is working with Louis Nutter, senior vice president of investment properties, and Brian C. Moulder, executive vice president, with CBRE, a commercial real estate services and investment firm, which soon will issue an offering memorandum.

Nusbaum said that, under any plan, Times-Union Media remains strong and will continue operations without interruption.

He also said the Times-Union is committed to maintaining a major downtown presence.

Several major companies, including the Miami Herald and The Atlanta Journal-Constitution, have in recent years sold centralized downtown facilities.

Since 1967, The Florida Times-Union and its affiliates have been on the site between Riverside Avenue, the Acosta Bridge and the St. Johns River, over McCoy's Creek and including a section of the Northbank Riverwalk and 4 acres of the river itself.

The property includes two connected structures: a five-story, 55,000-square-foot office building and a two-story, 225,000-square-foot production facility, which includes the newsroom, advertising offices and printing and packaging areas.

CBRE suggested four possibilities:

- Sell the entire site.

- Form a joint venture to develop the entire site. …

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