The Poynter Institute is closing in on a deal to sell nearly four acres of surplus land to the University of South Florida – St. Petersburg for $6.2 million.
The non-binding letter of intent signed by Poynter and the University needs to be approved by various boards and could be voted on by the university’s Board of Trustees as early as December.
Proceeds from the sale would be reinvested back into Poynter, said Tim Franklin, president of the Poynter Institute since February. He added the land was acquired when Poynter anticipated growth would come with new buildings in St. Petersburg. Growth is now happening online and through in-person training outside its Florida campus.
Franklin said there are no plans to sell the Poynter Institute’s building or the adjacent two acres of waterfront property.
Along with many organizations in the media industry, Poynter has faced challenging financial times in the past few years. The funds from the sale would be used to replenish financial reserves, said Franklin, and help the institute navigate its own transformation in a rapidly shifting landscape of media use and economics.
The institute, which unveiled a new strategic plan in May, is making significant strides to improve its financial health and build new teaching initiatives to meet the needs of journalists making the transition to a digital media world.
The institute is on pace to set a record in teaching income this year and has seen significant growth in readership and advertising revenue on Poynter.org in recent months. The site is one of the best-read media blogs in the nation, with five million unique visitors annually.
The University of South Florida stands to meet its key strategic goals and plans for physical expansion within the district as well. According to documents released late Thursday afternoon, the university plans to use the land as a staging area for the construction of the Kate Tiedman College of Business and to bring in portable labs for the biology program. In the long term, the area will be home for a new academic building.
“If this agreement comes to fruition, it would be a win for USF, Poynter, and the City of St. Petersburg,” said Franklin. “The university would acquire land to allow expansion, Poynter would have additional funding for efforts in digital journalism and teaching, and the city would add to a robust ‘innovation district’ in this area.”
The City of St. Petersburg has designated the area around the university and Poynter as part of its Innovation District.
