The Real Deal Miami

Jacksonville newspaper’s home listed for sale

CBRE Inc. has the listing for the 18-acre riverfront property without an asking price

June 11, 2016 12:45PM

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1 Riverside Avenue, Jacksonville.

1 Riverside Avenue, Jacksonville.

The parent company of the Florida Times-Union listed the Jacksonville daily newspaper’s downtown location for sale without an asking price.

The newspaper occupies an 18-acre property at 1 Riverside Avenue in Jacksonville along the St. Johns River.

CBRE Inc. has the listing for the Times-Union property, assessed for tax purposes by the Duval County Property Appraiser at $14.3 million.

Real estate developers and brokers said a new owner probably would convert the Times-Union property to a mix of rental housing and retail stores.

“It would be a shame to make something that big all apartments or all office,” developer Pete Rummel told a Times-Union reporter. “But as soon as you introduce more than one use, you have to know what you’re doing. It’s got to be in the right hands.”

Mark Farrell of Killashee Investments told the Times-Union reporter that retail and residential developments are more critically needed in downtown Jacksonville than additional office space: “Retailers don’t want to go downtown because there’s not enough people. People don’t want to go there because there’s nothing to do, there’s not enough retail and restaurants.”

Morris Communications, parent company of the Times-Union, may want the newspaper to maintain a presence at its current Jacksonville  address even if it finds a buyer for the property. [Florida Times-Union] — Mike Seemuth