The Phoenix

Belo puts ProJo's Providence real estate up for sale

Charlie Francis of C.B. Richard Ellis told Buddy Cianci a short time ago that Belo Corporation, the Dallas-based parent of the ProJo, has retained his firm to sell the newspaper's Providence real estate, including the signature downtown building.

Francis says the dowtown property, including parking lots and a parking garage, includes four properties. It will be offered as a package, although all offers will be considered, he says, adding, "There is no asking price."

[Update: my friend Tim White reports that the combined assessed value for all four properties -- a figure confirmed by Francis -- is $33.2 million]

Belo announced earlier this year, as part of company-wide cuts, that it would consider selling the Journal Building.

This marks a remarkable change for the Journal, which had once invested in the Providence Biltmore to keep the landmark hotel from closing a few decades ago.

"These things do not happen overnight," Francis says of a possible sale, adding that he nonetheless expects "a successful conclusion."

Published Dec 17 2008, 10:42 AM by Ian Donnis

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December 17, 2008 2:39 PM
Charles R. Drago said:

Possible Buyers and Other Opportunists

Watch the Boston Globe, which for years has sought to penetrate the RI market. So too its owner.

Also be alert for interest percolating from a partnership of well-known American multi-millionaires occupying hegemonic positions in what I can broadly describe as a "communications" industry.

These unrelated parties may not be in the market for the real estate, but they certainly would fight for first-in-line status to fill the void left by a disappeared ProJo.

As far as the fate of 21st century print journalism is concerned, the demise of the Fountain Street Fabulists represents a no-lose situation.

December 17, 2008 3:28 PM
Eileen said:

What is left of the news department will be a tenant in the building or the news department will move to the printing plant?

That great building will be razed for parking I think

December 17, 2008 3:42 PM
Andrew Henderson said:

So Belo wants to sell the downtown building and surrounding lots worth tens of millions? What a surprise. The Projo is broke. They need money and they also own lots of property surrounding their printing facility over on Promenade, where they could easily relocate the paper's decimated journalistic team.

December 18, 2008 1:10 AM
Beware the Oracle... said:

Who is this Charles Drago fellow?

"Also be alert for interest percolating from a partnership of well-known American multi-millionaires occupying hegemonic positions in what I can broadly describe as a "communications" industry."

Watch out, Dr. Evil!

December 18, 2008 1:12 AM