Monday, November 25, 2019
New office space, retail shops and public art are the planned centerpieces of a redevelopment in the works at The Palm Beach Post campus south of downtown West Palm Beach, Florida.
The project at 2751 S. Dixie Highway will be known as The Press, consisting of a 125,000-square-foot retail center and a 140,000-square-foot office building. The newspaper will consolidate into 35,000 square feet on the second floor of the four-story office building, called Workspaces at The Press.
A printing press warehouse once used by the newspaper will become the Shops at The Press retail center, and is anchored by an organic grocer. The city announced that Sprouts and Starbucks are coming to the project, though developer Tricera Capital of Miami is not yet confirming specific tenants.
The development, which will include public art displays from Florida artist Ya La'ford, is due to be completed in the first quarter of 2021.
Newspaper footprints in Florida and across the country have been shrinking in recent years. The Miami Herald, St. Petersburg Times, the Chicago Tribune and other publications are occupying smaller spaces after owners have sold real estate holdings to boost income at a time when print advertising revenue is declining sharply.
Tricera acquired the site from Cox Media Group in March for $24 million, or more than $66 per square foot, according to CoStar data. In 2018, Cox sold The Post and the Palm Beach Daily News to GateHouse Media.
The Press, along with new restaurants and residences nearby, will help revitalize the commercial corridor along Dixie Highway at Belvedere Road.
"That whole area is becoming a really cool part of town all of a sudden," longtime broker Neil Merin said in an interview. NAI/Merin Hunter Codman in West Palm Beach is handling office leasing for the project.
Workspaces at The Press will market toward young professionals, but the building also can accommodate 40,000-square-foot, full-floor tenants, Merin noted. Asking rents are $35 per square foot, about half of what it costs in downtown buildings, and access and parking are easier than they are downtown, he explained.
"Our whole focus as a company is urban, retail, mixed-use activations," Tricera's Scott Sherman said in an interview. "We saw an opportunity. That area is ripe for redevelopment."
For the Record
NAI/Merin Hunter Codman associates Christopher Smith and Jaime Chamberlin are working with Merin on office leasing at the project. Tricera’s Justin Lustig and Ben Mandell are handling retail preleasing for the developer in-house. Red Door Construction of Miami is the general contractor, and Everald Colas of St. Petersburg, Florida-based Storyn Studio is the project architect.