By Karen Brune Mathis, [email protected]
Investors interested in buying or redeveloping The Florida Times-Union property can check out 1RiversideAve.com for details.
The website and a separate 36-page offering from real estate company CBRE Inc. position the 18.8-acre site along the north bank of St. Johns River as a waterfront redevelopment opportunity in the Riverside/Brooklyn area.
Referred to as 1 Riverside Avenue, which has been the newspaper’s address since the building was developed in 1967, the offering doesn’t talk about price but does talk about opportunities.
“This highly visible waterfront location is centered in the heart of a neighborhood that has shown remarkable revitalization,” says the offering.
CBRE, as the exclusive marketing adviser, offers the property for sale or a joint venture partnership, calling it “a rare opportunity to develop a riverfront multi-use project.”
The firm said the property’s zoning as Industrial Light and Commercial, Residential and Office, which provides an opportunity to redevelop the site for residential, hotel, retail or office use.
Morris Publishing Group, the parent company of The Florida Times-Union, announced June 4 it was putting the property at 1 Riverside Ave. on the market.
Times-Union Media President Mark Nusbaum said last month that because of changes in the industry, especially the move from printed to digital news distribution, the company didn’t need all of the space.
For example, employment peaked at about 1,000 in the last decade and now is about 330, he said.
He told a meeting of the JAXUSA Partnership economic development division of the JAX Chamber the company needed to “right-size” the business.
Nusbaum made it clear the company preferred to continue operating on the property and was “very interested in being a development partner,” including a possible sales-leaseback.
Augusta, Ga.-based Morris bought the newspaper in 1982.
Investment highlights in the offering include an “irreplaceable waterfront location,” along with many possible configurations and uses, and visibility and access.
The property is next to the Acosta Bridge, which presents a signage opportunity for users. It also is in the Brooklyn/Riverside neighborhood that includes apartments, businesses, retail stores, office buildings, the YMCA and other uses. It’s not far from Interstates 95 and 10.
It is along the Northbank Riverwalk, providing access to Riverside and Downtown.
CBRE says the property is in a high-income neighborhood, “with home prices ranging up to $5 million.”
It cites the area’s popularity for arts and cultural events, entertainment and relaxation as well as its proximity to Downtown’s job base and company headquarters.
The Times-Union property comprises a five-floor, 55,000-square-foot Class B office building; a two-story parking garage with about 200 spaces; and a 225,000-square-foot Class C manufacturing facility with a basement and two stories, along with loading docks and 100 surface parking spaces.
CBRE says the developer would need to determine development rights for the intended use and would need to work with city and state agencies for whatever is proposed, which could take months.
Regarding redevelopment incentives, CBRE notes not to expect any cash or grants from the city unless and until pension reform efforts are approved by voters. That vote is planned for August.
However, a Recapture Enhanced Value grant rebate is an option.
The offering adds the property might qualify as a brownfields site.
Additional incentives are attached to redevelopment of such sites, which are defined as properties with the presence or potential presence of a hazardous substance, pollutant, or contaminant.
CBRE executives Louis Nutter, senior vice president of investment properties, and executive vice presidents Brian Moulder and Dhaval Patel are representing the property.
Nusbaum said last month it could be two to five years to execute a sale and redesign.