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 “Most of their buildings were designed to accommodate industrial typesetting machines that have been replaced by computers, requiring substantially less space.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.