It's a done deal: Related Group closes on Tampa Tribune site
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 31, 2015

The Tampa Tribune says Miami-based Related Group has closed on its waterfront real estate in downtown Tampa.

The Tribune reported Friday that it will remain on the site until demolition begins, likely in early 2016. Publisher Brian Burns told his paper that the " Tribune fully intends to remain a viable part of the Tampa Bay community and a watchdog for our consumers, subscribers and advertisers."

The paper reports that it is "consulting with relocation experts on a future location for the main newsroom and support operations."

The Tampa Bay Business Journal first reported earlier this week that the development would include space for a 10,000-square-foot restaurant and that Related was fast-tracking the project, with plans to complete it by 2017.

A purchase price was not disclosed, and a deed has not yet been filed in Hillsborough County. Real estate sources previously told TBBJ that the rumored sales price was around $19 million for the 4.4-acre site at 202 S Parker St.

TBBJ was first to report on April 17 that Related was under contract to buy the site, demolish the Tribune building and build residential on the waterfront. Related's plans for the site - 400 units in eight stories- went public on June 24, when it filed documents with the city.

Media industry experts have questioned the future of the Tribune, which is owned by Los Angeles-based Revolution Capital Group, a private equity firm.

"I think the serious answer is The Tampa Tribune is worth $1, the value of companies struggling for their lives,” analyst Ken Doctor told the Columbia Journalism Review. "They could be barely profitable. They could be unprofitable. But there is not a forecastable strong positive cash flow.”