As the campus looks toward expanding to 10,000 students, campus territory may also be expanding.
USF St. Petersburg has signed a non-binding letter of intent with the Poynter Institute for the $6.2 million purchase of 3.7 acres of land owned by Poynter. The land, located along Fourth Street S. and adjacent to the future building for the Kate Tiedemann College of Business, is “surplus and vacant” according to Kim Tobin, Poynter’s marketing communications strategy manager.
The land has been on the market since May 2012, according to Tobin.
USFSP must formally approve the purchase before the sale can be made. University officials did not respond to specific questions about the purchase, but released this statement: “We are currently conducting due diligence on the land. Since a finalized agreement has not been reached, it would be premature to discuss long-term goals for the property. We look forward to sharing our plans if the USF System completes the purchase and a determination is made on the most efficient use of the space.”
The Poynter Institute is focusing more on its online presence, Tobin said. This year, Poynter has trained journalists from 67 different countries, both online, at locations off-site and on-site. Poynter no longer needs the physical space this land provides.
“If this agreement comes to fruition, it would be a win for USF, Poynter, and the City of St. Petersburg,” Tim Franklin, the president of Poynter Institute, said in a statement.
The use of the money from the potential sale will not be specifically allocated until the sale goes through, Tobin said. But the proceeds from the sale will be reinvested back into Poynter, according to a Poynter Institute blog.
The blog said financial challenges that Poynter, and the rest of the media industry have faced in the past few years, was a compelling force in the sale of the property.
“The funds from the sale would be used to replenish financial reserves…and help the institute navigate its own transformation in a rapidly shifting landscape of media use and economics,” the blog said, citing Franklin.
Poynter is not planning to sell any portions of its building or waterfront property.
