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Times-Union Building and Other Real Estate Opportunities

Times-Union Building and Other Real Estate Opportunities

Timesunion.jpgThis past Saturday, we announced that the Florida Times-Union property at 1 Riverside Avenue was up for sale or redevelopment. This is an amazing piece of property – 18 acres on the St. Johns River.  The property is strategically located to be a major part of the renaissance taking place in downtown Jacksonville. As the announcement stated, we could sell the site, or we may possibly redevelop some or all of it.  This is a great opportunity to leverage this asset and transform the T-U’s workspace so the team can better serve the Jacksonville community for years to come. 
 
The ongoing transformation of our business from traditional to digital media has placed much of our focus on people, processes, products and infrastructure.  We are all challenged to learn new skills, take on new tasks and find ways to do old ones more efficiently.  In addition, web-based applications and wi-fi connections allow us to do our jobs anywhere – we are not tethered to our desks.
 
As businesses evolve, work spaces must evolve too.  Most of our buildings were designed around functions that no longer exist and certainly not for many of the jobs we do today.  That leaves the question of what to do with these great real estate assets.
 
Over the past several years, Morris has been working to shed ourselves of excess space and modernize our work environment.  Every situation is different, and we have used multiple strategies to achieve the goal.  In Athens and Conway, we sold our buildings and leased office space.  In Savannah, Juneau and St. Augustine, we filled excess space with commercial tenants.  In Lubbock, we did an extreme makeover of the first floor and moved the entire team there, opening up more than 30,000 sq ft of leasable space on the second floor.
 
We have many other real estate projects going on around our company from Florida to Alaska.  Stay tuned for more exciting announcements.
 
Till next time,
~Derek